Immunovant (NASDAQ:IMVT) Reaches New 1-Year High – Time to Buy?

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IMVT. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Sanford C. Bernstein began coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. The Goldman Sachs Group increased their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Guggenheim raised their price objective on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, HC Wainwright restated a “buy” rating and set a $35.00 price objective 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 company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $32.44.

Immunovant Price Performance

The company has a market cap of $6.57 billion, a P/E ratio of -12.05 and a beta of 0.70. The stock has a 50-day moving average of $26.30 and a 200 day moving average of $25.71.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter last year, the company earned ($0.64) EPS. Sell-side analysts predict that Immunovant, Inc. will post -2.67 EPS for the current year.

Insider Activity at Immunovant

In related news, COO Melanie Gloria sold 8,722 shares of Immunovant stock in a transaction that occurred 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 sale, the chief operating officer directly owned 245,222 shares in the company, valued at $6,088,862.26. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 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 completion of the sale, the chief technology officer directly owned 251,685 shares of the company’s stock, valued at approximately $7,454,909.70. The trade was a 1.08% decrease in their position. 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 have sold a total of 72,141 shares of company stock worth $1,923,713 over the last 90 days. 1.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Granahan Investment Management LLC lifted its holdings in shares of Immunovant by 24.9% in the third quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after purchasing an additional 53,133 shares in the last quarter. Aberdeen Group plc grew its holdings in Immunovant by 16.2% during the third quarter. Aberdeen Group plc now owns 981,804 shares of the company’s stock worth $15,827,000 after buying an additional 137,099 shares in the last quarter. Alpine Global Management LLC raised its position in Immunovant by 4.9% in the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after buying an additional 128,039 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Immunovant in the 4th quarter valued at $1,823,000. Finally, HighVista Strategies LLC lifted its stake in Immunovant by 38.5% during the 3rd quarter. HighVista Strategies LLC now owns 253,127 shares of the company’s stock valued at $4,080,000 after acquiring an additional 70,319 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.