Immunovant (NASDAQ:IMVT) Trading Up 5.3% – What’s Next?

Shares of Immunovant, Inc. (NASDAQ:IMVT) rose 5.3% on Thursday . The company traded as high as $18.82 and last traded at $18.84. Approximately 589,348 shares traded hands during trading, a decline of 46% from the average daily volume of 1,087,387 shares. The stock had previously closed at $17.89.

Wall Street Analyst Weigh In

Several analysts have weighed in on the company. Guggenheim reissued a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Wells Fargo & Company cut their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Bank of America dropped their price target on Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Immunovant has an average rating of “Buy” and a consensus price target of $41.00.

Immunovant Stock Up 5.4 %

The business has a fifty day moving average of $20.57 and a 200 day moving average of $25.38. The firm has a market cap of $3.20 billion, a P/E ratio of -7.23 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Transactions at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares in the company, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider William L. Macias sold 2,383 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the completion of the transaction, the insider now directly owns 359,408 shares in the company, valued at $8,564,692.64. The trade was a 0.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,510 shares of company stock worth $813,686. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently modified their holdings of IMVT. GF Fund Management CO. LTD. acquired a new position in shares of Immunovant in the fourth quarter valued at about $76,000. Two Seas Capital LP grew its position in shares of Immunovant by 123.4% during the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after purchasing an additional 835,000 shares in the last quarter. Vestal Point Capital LP bought a new position in shares of Immunovant during the fourth quarter worth approximately $1,115,000. Twinbeech Capital LP bought a new position in shares of Immunovant during the fourth quarter worth approximately $314,000. Finally, Two Sigma Advisers LP acquired a new stake in shares of Immunovant in the fourth quarter valued at approximately $270,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.