Immunovant (NASDAQ:IMVT) Sets New 1-Year High – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week high during trading on Tuesday . The stock traded as high as $43.89 and last traded at $43.71, with a volume of 1216514 shares. The stock had previously closed at $41.82.

Wall Street Analysts Forecast Growth

IMVT has been the topic of a number of recent analyst reports. Bank of America increased their price target on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. HC Wainwright upped their target price on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Guggenheim increased their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Six equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Immunovant has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Trading Up 1.5%

The firm has a fifty day simple moving average of $38.98 and a two-hundred day simple moving average of $31.53. The stock has a market cap of $9.29 billion, a PE ratio of -15.94 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the previous year, the business posted ($0.71) EPS. Equities analysts forecast that Immunovant, Inc. will post -2.9 earnings per share for the current year.

Insiders Place Their Bets

In other Immunovant news, COO Melanie Gloria sold 2,036 shares of Immunovant stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $80,523.80. Following the completion of the sale, the chief operating officer directly owned 222,357 shares in the company, valued at $8,794,219.35. The trade was a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,092 shares of the business’s stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total transaction of $118,980.16. Following the completion of the transaction, the chief executive officer directly owned 254,280 shares of the company’s stock, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 318,810 shares of company stock valued at $11,158,166 over the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of large investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. purchased a new position in shares of Immunovant in the 4th quarter worth about $25,000. Strs Ohio purchased a new position in shares of Immunovant during the 1st quarter valued at about $27,000. PNC Financial Services Group Inc. raised its holdings in shares of Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares in the last quarter. Quarry LP raised its holdings in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in Immunovant in the 2nd quarter worth approximately $87,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.