Immunovant (NASDAQ:IMVT) Shares Gap Up on Earnings Beat

Shares of Immunovant, Inc. (NASDAQ:IMVT) gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $24.06, but opened at $26.88. Immunovant shares last traded at $25.4730, with a volume of 107,657 shares trading hands.

The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.10. During the same period in the previous year, the business earned ($0.76) earnings per share.

Analyst Upgrades and Downgrades

IMVT has been the topic of a number of recent research reports. Truist Financial upped their target price on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. The Goldman Sachs Group upped their target price on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 6th. Finally, Guggenheim restated a “buy” rating and issued a $41.00 price objective on shares of Immunovant in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $30.78.

Insider Transactions at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 10,813 shares of the company’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the completion of the transaction, the insider owned 149,930 shares of the company’s stock, valued at $4,034,616.30. This represents a 6.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Jay S. Stout sold 1,977 shares of the business’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the sale, the chief technology officer owned 197,634 shares in the company, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 63,868 shares of company stock worth $1,538,470. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Immunovant by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after purchasing an additional 3,348 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after buying an additional 329,354 shares during the last quarter. Strs Ohio purchased a new position in shares of Immunovant during the first quarter valued at approximately $27,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Immunovant by 11.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock valued at $106,000 after purchasing an additional 675 shares during the last quarter. Finally, Aberdeen Group plc lifted its stake in shares of Immunovant by 3.1% during the 2nd quarter. Aberdeen Group plc now owns 844,705 shares of the company’s stock valued at $13,515,000 after buying an additional 25,228 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Stock Up 6.0%

The company has a 50-day moving average price of $25.56 and a two-hundred day moving average price of $20.69. The company has a market capitalization of $4.47 billion, a PE ratio of -8.96 and a beta of 0.54.

About Immunovant

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.