Immunovant (NASDAQ:IMVT) Issues Quarterly Earnings Results

Immunovant (NASDAQ:IMVT) released its earnings results on Wednesday. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13), FiscalAI reports.

Immunovant Trading Down 0.9%

Shares of NASDAQ IMVT opened at $26.29 on Wednesday. Immunovant has a 12 month low of $13.79 and a 12 month high of $30.16. The stock has a 50 day moving average of $26.30 and a 200-day moving average of $25.71. The company has a market capitalization of $5.35 billion, a P/E ratio of -9.77 and a beta of 0.70.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Sanford C. Bernstein assumed coverage on Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 price target on the stock. The Goldman Sachs Group raised their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Immunovant in a research report on Tuesday, February 10th. Guggenheim raised their price target on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Immunovant presently has an average rating of “Hold” and a consensus target price of $32.44.

Insiders Place Their Bets

In related news, Director Robert Graham Susman sold 2,502 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $27.17, for a total value of $67,979.34. Following the completion of the sale, the director directly owned 36,394 shares in the company, valued at $988,824.98. The trade was a 6.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $763,011.20. Following the completion of the transaction, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at $7,333,793.52. This represents a 9.42% 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 a total of 72,141 shares of company stock worth $1,923,713 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after buying an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after buying an additional 329,354 shares in the last quarter. Strs Ohio bought a new stake in Immunovant during the 1st quarter worth $27,000. Legal & General Group Plc grew its position in Immunovant by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after acquiring an additional 5,010 shares during the last quarter. Finally, Invesco Ltd. grew its position in Immunovant by 20.7% during the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after acquiring an additional 11,438 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.