Immunovant (NASDAQ:IMVT) Sets New 52-Week High – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $29.25 and last traded at $27.4460, with a volume of 680751 shares traded. The stock had previously closed at $27.39.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Immunovant in a research note on Tuesday, February 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. Guggenheim lifted their price target on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. The Goldman Sachs Group boosted their price objective on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. Finally, Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, January 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $31.11.

Immunovant Stock Performance

The stock has a market capitalization of $5.53 billion, a P/E ratio of -10.10 and a beta of 0.54. The stock has a 50-day moving average price of $26.23 and a two-hundred day moving average price of $21.64.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the prior year, the company posted ($0.76) EPS. Equities analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, insider Tuyl Christopher Van sold 10,813 shares of the business’s stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $26.91, for a total transaction of $290,977.83. Following the sale, the insider owned 149,930 shares in the company, valued at approximately $4,034,616.30. The trade was a 6.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Andrew J. Fromkin sold 22,249 shares of the company’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $23.25, for a total transaction of $517,289.25. Following the completion of the sale, the director directly owned 85,852 shares in the company, valued at $1,996,059. This represents a 20.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 51,242 shares of company stock worth $1,240,244 over the last quarter. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently modified their holdings of the stock. RTW Investments LP purchased a new position in shares of Immunovant during the fourth quarter valued at approximately $80,781,000. Morgan Stanley boosted its holdings in Immunovant by 147.4% in the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. ADAR1 Capital Management LLC grew its position in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after purchasing an additional 1,706,687 shares during the period. Logos Global Management LP raised its stake in Immunovant by 400.0% during the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after buying an additional 1,100,000 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after buying an additional 952,504 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.