Immunovant (NASDAQ:IMVT) Announces Quarterly Earnings Results

Immunovant (NASDAQ:IMVT) issued its quarterly earnings data on Monday. The company reported ($0.41) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.33, FiscalAI reports.

Immunovant Price Performance

Shares of NASDAQ IMVT opened at $30.53 on Monday. Immunovant has a fifty-two week low of $21.43 and a fifty-two week high of $45.42. The business has a 50 day moving average price of $33.11 and a two-hundred day moving average price of $32.11. The firm has a market cap of $6.31 billion, a PE ratio of -10.83 and a beta of 0.95.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IMVT. UBS Group restated a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. raised their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, October 2nd. HC Wainwright reiterated a “buy” rating on shares of Immunovant in a report on Thursday, September 24th. Finally, Citigroup reiterated a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Insider Activity at Immunovant

In other Immunovant news, CTO Jay Stout sold 2,595 shares of the company’s stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $28.94, for a total value of $75,099.30. Following the transaction, the chief technology officer directly owned 198,937 shares of the company’s stock, valued at $5,757,236.78. This represents a 1.29% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,506 shares of the stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $34.11, for a total value of $119,589.66. Following the transaction, the chief executive officer owned 257,075 shares of the company’s stock, valued at approximately $8,768,828.25. This trade represents a 1.35% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 24,430 shares of company stock worth $787,852 over the last ninety days. Company insiders own 1.90% 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.