Immunovant (NASDAQ:IMVT) Releases Earnings Results, Misses Estimates By $0.08 EPS

Immunovant (NASDAQ:IMVT) released its earnings results on Thursday. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08), Zacks reports.

Immunovant Stock Down 6.6 %

IMVT traded down $1.48 on Thursday, hitting $21.03. The company had a trading volume of 782,457 shares, compared to its average volume of 1,181,160. Immunovant has a 12-month low of $20.42 and a 12-month high of $39.55. The business’s fifty day simple moving average is $25.08 and its 200 day simple moving average is $27.89. The company has a market cap of $3.57 billion, a PE ratio of -9.49 and a beta of 0.65.

Insider Buying and Selling

In other news, CEO Peter Salzmann sold 16,692 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the transaction, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 4,174 shares of the stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $106,228.30. Following the sale, the chief financial officer now directly owns 331,169 shares in the company, valued at approximately $8,428,251.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,892 shares of company stock valued at $1,811,857 over the last quarter. 5.90% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IMVT. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Raymond James reiterated an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Bank of America dropped their price objective on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Immunovant presently has a consensus rating of “Buy” and an average price target of $47.00.

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.