Immunovant (NASDAQ:IMVT) Sees Large Volume Increase – Still a Buy?

Immunovant, Inc. (NASDAQ:IMVT) shares saw an uptick in trading volume on Wednesday . 1,466,258 shares traded hands during trading, an increase of 30% from the previous session’s volume of 1,129,718 shares.The stock last traded at $15.85 and had previously closed at $15.20.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several analyst reports. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Jefferies Financial Group assumed coverage on shares of Immunovant in a report on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective on the stock. Guggenheim reissued a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Finally, Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $41.00.

Immunovant Stock Up 7.4 %

The stock has a 50 day simple moving average of $20.06 and a 200 day simple moving average of $25.00. The company has a market cap of $2.77 billion, a price-to-earnings ratio of -6.23 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, equities research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Activity at Immunovant

In other news, CEO Peter Salzmann sold 5,105 shares of the company’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $123,030.50. Following the completion of the sale, the chief executive officer now 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 filing with the SEC, which is available through this link. Also, CTO Jay S. Stout sold 2,195 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the sale, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock worth $813,686 in the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Immunovant in the fourth quarter worth $76,000. KBC Group NV increased its position in Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Immunovant during the 4th quarter valued at about $221,000. KLP Kapitalforvaltning AS bought a new stake in shares of Immunovant in the 4th quarter valued at approximately $268,000. Finally, Aigen Investment Management LP bought a new position in Immunovant during the fourth quarter valued at approximately $270,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.