Immunovant (NASDAQ:IMVT) Trading Up 3.9% – Here’s Why

Shares of Immunovant, Inc. (NASDAQ:IMVT) were up 3.9% on Thursday . The company traded as high as $19.70 and last traded at $19.61. Approximately 1,168,273 shares were traded during trading, an increase of 9% from the average daily volume of 1,069,313 shares. The stock had previously closed at $18.88.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IMVT. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Wells Fargo & Company cut their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Jefferies Financial Group initiated coverage on shares of Immunovant in a report on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Wednesday. Finally, Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $41.70.

Immunovant Price Performance

The company’s 50-day simple moving average is $20.86 and its two-hundred day simple moving average is $25.71. The firm has a market capitalization of $3.34 billion, a P/E ratio of -7.50 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Buying and Selling

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the sale, the chief executive officer now directly owns 972,992 shares in the company, valued at $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Andrew J. Fromkin sold 8,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now owns 91,913 shares in the company, valued at $1,801,494.80. The trade was a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,510 shares of company stock valued at $813,686. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IMVT. FMR LLC increased its holdings in Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after purchasing an additional 560,344 shares during the period. Vanguard Group Inc. raised its holdings in shares of Immunovant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after acquiring an additional 20,614 shares in the last quarter. Deep Track Capital LP lifted its stake in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after acquiring an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. grew its holdings in Immunovant by 53.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after acquiring an additional 1,786,217 shares in the last quarter. Finally, State Street Corp increased its position in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.