Immunovant (NASDAQ:IMVT) Stock Crosses Above 200 Day Moving Average – Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT)’s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $32.15 and traded as high as $35.61. Immunovant shares last traded at $35.15, with a volume of 3,978,247 shares.

Analyst Ratings Changes

Several research firms have commented on IMVT. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Friday, October 2nd. UBS Group restated a “buy” rating on shares of Immunovant in a research report on Wednesday, September 23rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company increased their price target on shares of Immunovant from $45.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.60.

Immunovant Stock Up 3.7%

The business’s fifty day moving average price is $32.83 and its 200 day moving average price is $32.26.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, November 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.27. During the same quarter in the prior year, the business earned ($0.73) EPS. On average, equities research analysts forecast that Immunovant, Inc. will post -2.87 EPS for the current fiscal year.

Insider Activity

In other news, CEO Eric Venker sold 3,506 shares of the stock in a transaction on Friday, October 2nd. The stock was sold at an average price of $34.11, for a total value of $119,589.66. Following the completion of the transaction, the chief executive officer directly owned 257,075 shares in the company, valued at approximately $8,768,828.25. This represents a 1.35% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,241 shares of the stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total value of $71,846.46. Following the completion of the transaction, the chief operating officer owned 217,060 shares of the company’s stock, valued at $6,958,943.60. The trade was a 1.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 24,430 shares of company stock valued at $787,852. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of IMVT. BlackRock Inc. bought a new position in Immunovant in the second quarter valued at about $276,680,000. Two Seas Capital LP grew its holdings in shares of Immunovant by 46.5% during the third quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after purchasing an additional 1,464,187 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Immunovant by 356.4% in the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after buying an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC increased its stake in shares of Immunovant by 8.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after buying an additional 198,042 shares during the period. Finally, Bank of America Corp DE acquired a new position in shares of Immunovant in the second quarter valued at approximately $45,521,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

About Immunovant

Immunovant, Inc. is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies. The company’s investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves’ disease and other autoimmune disorders.