Immunovant (NASDAQ:IMVT) Stock Price Up 8.1% – Time to Buy?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price rose 8.1% on Thursday . The stock traded as high as $25.16 and last traded at $25.4570. Approximately 892,268 shares were traded during trading, a decline of 41% from the average daily volume of 1,524,638 shares. The stock had previously closed at $23.56.

Wall Street Analysts Forecast Growth

IMVT has been the subject of several research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. Truist Financial began coverage on shares of Immunovant in a report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 price target for the company. HC Wainwright restated a “buy” rating and set a $35.00 price objective on shares of Immunovant in a report on Thursday, September 4th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, September 30th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.78.

Immunovant Trading Up 5.0%

The firm’s 50 day simple moving average is $21.35 and its 200-day simple moving average is $17.88. The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of -8.72 and a beta of 0.56.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter last year, the business earned ($0.74) earnings per share. As a group, equities research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Activity at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of the stock in a transaction that occurred on Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total value of $49,382.85. Following the completion of the sale, the insider owned 217,958 shares of the company’s stock, valued at approximately $4,147,740.74. This represents a 1.18% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 2,520 shares of the business’s stock in a transaction on Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total transaction of $47,955.60. Following the transaction, the chief technology officer owned 200,814 shares in the company, valued at approximately $3,821,490.42. The trade was a 1.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 57,847 shares of company stock worth $1,308,023. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds have recently bought and sold shares of the company. Baker BROS. Advisors LP grew its holdings in Immunovant by 219.6% during the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company’s stock worth $93,275,000 after purchasing an additional 3,750,000 shares during the period. ADAR1 Capital Management LLC increased its holdings in shares of Immunovant by 319.0% during 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 during the last quarter. Woodline Partners LP raised its stake in Immunovant by 133.0% in the 1st quarter. Woodline Partners LP now owns 1,497,869 shares of the company’s stock valued at $25,599,000 after acquiring an additional 855,143 shares during the period. T. Rowe Price Investment Management Inc. lifted its holdings in Immunovant by 15.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company’s stock valued at $100,743,000 after purchasing an additional 777,590 shares during the last quarter. Finally, Norges Bank acquired a new stake in Immunovant during the 2nd quarter valued at $11,003,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.