Immunovant (NASDAQ:IMVT) Sets New 1-Year High – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) shares hit a new 52-week high during trading on Wednesday . The stock traded as high as $29.25 and last traded at $27.4460, with a volume of 680751 shares trading hands. The stock had previously closed at $27.39.

Analyst Ratings Changes

IMVT has been the subject of several recent analyst reports. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research note on Tuesday, January 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. The Goldman Sachs Group upped their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Truist Financial raised their price target on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Finally, Guggenheim boosted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $31.11.

Immunovant Stock Down 0.1%

The company has a market cap of $5.57 billion, a PE ratio of -10.18 and a beta of 0.54. The business’s fifty day moving average is $26.26 and its 200-day moving average is $21.72.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter in the previous year, the firm earned ($0.76) EPS. Analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Tuyl Christopher Van sold 10,813 shares of the firm’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the transaction, the insider directly owned 149,930 shares of the company’s stock, valued at approximately $4,034,616.30. This trade represents a 6.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jay S. Stout sold 1,977 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the transaction, the chief technology officer owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 51,242 shares of company stock valued at $1,240,244. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after purchasing an additional 3,348 shares during the period. Goldman Sachs Group Inc. increased its stake in Immunovant by 48.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after buying an additional 329,354 shares in the last quarter. Strs Ohio purchased a new stake in Immunovant in the 1st quarter worth $27,000. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Immunovant by 23.1% during the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 448,515 shares of the company’s stock valued at $7,176,000 after acquiring an additional 84,286 shares during the period. Finally, Quinn Opportunity Partners LLC lifted its position in shares of Immunovant by 45.6% in the second quarter. Quinn Opportunity Partners LLC now owns 51,108 shares of the company’s stock valued at $818,000 after acquiring an additional 16,008 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Company Profile

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.