Immunovant (NASDAQ:IMVT) Stock Price Up 5.9%

Immunovant, Inc. (NASDAQ:IMVT) shares traded up 5.9% during mid-day trading on Monday . The stock traded as high as $28.64 and last traded at $27.95. 407,208 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 1,205,345 shares. The stock had previously closed at $26.40.

Wall Street Analyst Weigh In

IMVT has been the topic of a number of recent research reports. HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Thursday, May 30th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Tuesday, June 18th. Oppenheimer dropped their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, June 3rd. Truist Financial reaffirmed a “buy” rating and set a $48.00 price target on shares of Immunovant in a report on Monday, March 25th. Finally, The Goldman Sachs Group began coverage on Immunovant in a report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price target for the company. Seventeen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $48.75.

Immunovant Stock Up 1.5 %

The stock has a market capitalization of $3.94 billion, a price-to-earnings ratio of -13.96 and a beta of 0.67. The company has a fifty day moving average of $27.79 and a two-hundred day moving average of $33.05.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Wednesday, May 29th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same period in the previous year, the firm posted ($0.46) earnings per share. Equities analysts anticipate that Immunovant, Inc. will post -2.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael Geffner sold 3,261 shares of the business’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total value of $94,242.90. Following the completion of the transaction, the insider now directly owns 141,616 shares of the company’s stock, valued at $4,092,702.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $149,882.26. Following the completion of the sale, the chief executive officer now directly owns 1,086,958 shares of the company’s stock, valued at approximately $33,891,350.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Michael Geffner sold 3,261 shares of the business’s stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total value of $94,242.90. Following the completion of the transaction, the insider now owns 141,616 shares of the company’s stock, valued at $4,092,702.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 99,948 shares of company stock worth $2,936,889. 5.90% of the stock is owned by company insiders.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in IMVT. Boxer Capital LLC lifted its stake in shares of Immunovant by 33.3% in the 4th quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock valued at $42,130,000 after purchasing an additional 250,000 shares in the last quarter. WCM Investment Management LLC purchased a new stake in shares of Immunovant during the fourth quarter valued at approximately $4,548,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Immunovant by 590.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 42,865 shares of the company’s stock valued at $1,806,000 after purchasing an additional 36,659 shares during the period. ADAR1 Capital Management LLC purchased a new position in shares of Immunovant in the fourth quarter valued at $5,651,000. Finally, Russell Investments Group Ltd. grew its holdings in Immunovant by 337.0% during the 4th quarter. Russell Investments Group Ltd. now owns 176,901 shares of the company’s stock valued at $7,453,000 after purchasing an additional 136,418 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Company Profile

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.