Immunovant (NASDAQ:IMVT) Sets New 12-Month High – What’s Next?

Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $31.56 and last traded at $32.2630, with a volume of 1213266 shares. The stock had previously closed at $26.29.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IMVT. Guggenheim raised their price target on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, February 9th. The Goldman Sachs Group upped their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Sanford C. Bernstein started coverage on shares of Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Immunovant in a report on Tuesday, February 10th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $32.44.

Immunovant Stock Up 22.7%

The firm has a market cap of $6.57 billion, a PE ratio of -12.05 and a beta of 0.70. The firm has a 50 day moving average of $26.30 and a 200 day moving average of $25.71.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the firm posted ($0.64) EPS. On average, research analysts anticipate that Immunovant, Inc. will post -2.67 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, COO Melanie Gloria sold 8,722 shares of Immunovant stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the completion of the transaction, the chief operating officer owned 245,222 shares of the company’s stock, valued at $6,088,862.26. The trade was a 3.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 2,754 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $81,573.48. Following the sale, the chief technology officer owned 251,685 shares in the company, valued at approximately $7,454,909.70. This represents a 1.08% 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. Insiders sold a total of 72,141 shares of company stock worth $1,923,713 in the last 90 days. 1.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. RTW Investments LP purchased a new stake in Immunovant in the fourth quarter worth $80,781,000. Morgan Stanley raised its stake 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 buying an additional 2,887,359 shares in the last quarter. Jennison Associates LLC raised its stake in Immunovant by 356.4% in the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after buying an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC lifted its holdings in Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after buying an additional 1,706,687 shares during the period. Finally, Logos Global Management LP boosted its position 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 acquiring an additional 1,100,000 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other 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.