Immunovant (NASDAQ:IMVT) Reaches New 12-Month High on Better-Than-Expected Earnings

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week high on Monday after the company announced better than expected quarterly earnings. The company traded as high as $27.92 and last traded at $27.1690, with a volume of 109492 shares. The stock had previously closed at $27.05.

The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period last year, the firm earned ($0.76) earnings per share.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 6th. Truist Financial boosted their price target on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Guggenheim reissued a “buy” rating on shares of Immunovant in a research note on Monday. Finally, The Goldman Sachs Group upped their price target on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.78.

Insiders Place Their Bets

In other Immunovant news, insider Tuyl Christopher Van sold 10,813 shares of the business’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 1,977 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total transaction of $51,461.31. Following the transaction, the chief technology officer owned 197,634 shares in the company, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 63,868 shares of company stock worth $1,538,470. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. PSP Research LLC purchased a new stake in shares of Immunovant in the fourth quarter valued at about $516,000. GSA Capital Partners LLP lifted its position in Immunovant by 62.6% during the 4th quarter. GSA Capital Partners LLP now owns 44,140 shares of the company’s stock worth $1,122,000 after acquiring an additional 16,992 shares during the period. Handelsbanken Fonder AB grew its stake in shares of Immunovant by 35.7% in the 4th quarter. Handelsbanken Fonder AB now owns 32,300 shares of the company’s stock valued at $821,000 after purchasing an additional 8,500 shares during the last quarter. Profund Advisors LLC raised its stake in shares of Immunovant by 120.4% during the fourth quarter. Profund Advisors LLC now owns 49,076 shares of the company’s stock worth $1,248,000 after purchasing an additional 26,810 shares during the last quarter. Finally, ProShare Advisors LLC lifted its holdings in shares of Immunovant by 14.9% during the fourth quarter. ProShare Advisors LLC now owns 20,553 shares of the company’s stock worth $522,000 after purchasing an additional 2,660 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Up 0.2%

The stock has a market capitalization of $4.75 billion, a price-to-earnings ratio of -10.06 and a beta of 0.54. The company has a fifty day moving average of $25.61 and a two-hundred day moving average of $20.79.

Immunovant Company Profile

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.