Immunovant (NASDAQ:IMVT) Shares Up 8.2% – Here’s What Happened

Shares of Immunovant, Inc. (NASDAQ:IMVT) shot up 8.2% during trading on Friday . The company traded as high as $24.55 and last traded at $24.6990. 554,205 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 1,551,130 shares. The stock had previously closed at $22.82.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Bank of America dropped their price objective on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 12th. Truist Financial began coverage on shares of Immunovant in a research note on Tuesday, October 14th. They set a “hold” rating and a $16.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Tuesday, October 14th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of Immunovant in a report on Thursday, September 4th. Finally, UBS Group increased their price target on Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $28.78.

Immunovant Price Performance

The business’s 50-day moving average price is $18.67 and its two-hundred day moving average price is $16.80. The company has a market capitalization of $4.16 billion, a P/E ratio of -8.36 and a beta of 0.60.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter last year, the company posted ($0.74) EPS. Research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of the firm’s stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total transaction of $49,382.85. Following the sale, the insider owned 217,958 shares of the company’s stock, valued at $4,147,740.74. This trade represents a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,520 shares of the business’s stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $47,955.60. Following the completion of the transaction, the chief technology officer owned 200,814 shares of the company’s stock, valued at $3,821,490.42. This represents a 1.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 7,972 shares of company stock worth $143,908. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Several large investors have recently made changes to their positions in IMVT. Schonfeld Strategic Advisors LLC bought a new stake in Immunovant in the 3rd quarter valued at $1,866,000. Creative Planning boosted its position in shares of Immunovant by 8.9% during the third quarter. Creative Planning now owns 38,503 shares of the company’s stock worth $621,000 after buying an additional 3,135 shares during the period. Deep Track Capital LP boosted its position in shares of Immunovant by 2.4% during the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after buying an additional 228,845 shares during the period. ADAR1 Capital Management LLC grew its holdings in shares of Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after buying an additional 1,706,687 shares in the last quarter. Finally, Prosight Management LP raised its position in Immunovant by 45.7% in the 3rd quarter. Prosight Management LP now owns 698,472 shares of the company’s stock valued at $11,259,000 after buying an additional 219,072 shares during the last quarter. Institutional investors 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.