Immunovant (NASDAQ:IMVT) Reaches New 52-Week High – Time to Buy?

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week high on Monday . The stock traded as high as $37.59 and last traded at $37.5780, with a volume of 148353 shares. The stock had previously closed at $35.34.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IMVT shares. Guggenheim boosted their price target on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price for the company. Bank of America boosted their target price on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. HC Wainwright upped their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Finally, Citigroup restated a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.33.

Immunovant Stock Down 1.3%

The company has a market capitalization of $7.72 billion, a price-to-earnings ratio of -13.53 and a beta of 0.76. The business’s 50-day moving average is $30.74 and its 200-day moving average is $27.48.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the business earned ($0.64) earnings per share. As a group, analysts expect that Immunovant, Inc. will post -2.65 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, CEO Eric Venker sold 14,229 shares of the business’s stock in a transaction that occurred on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total value of $342,918.90. Following the completion of the transaction, the chief executive officer directly owned 19,561 shares of the company’s stock, valued at approximately $471,420.10. The trade was a 42.11% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Melanie Gloria sold 8,722 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were 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 approximately $6,088,862.26. This represents a 3.43% 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 297,215 shares of company stock valued at $9,481,453 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently modified their holdings of the company. RTW Investments LP acquired a new stake in Immunovant in the fourth quarter valued at approximately $80,781,000. Morgan Stanley increased its position in shares of Immunovant by 147.4% in the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares in the last quarter. Jennison Associates LLC raised its stake in shares of Immunovant by 356.4% during the 1st 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 during the period. ADAR1 Capital Management LLC increased its holdings 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 acquiring an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP increased its holdings in Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $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.