Immunovant (NASDAQ:IMVT) Announces Quarterly Earnings Results, Misses Expectations By $0.13 EPS

Immunovant (NASDAQ:IMVT) issued its earnings results on Wednesday. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13), FiscalAI reports.

Immunovant Stock Performance

NASDAQ IMVT opened at $26.29 on Wednesday. Immunovant has a fifty-two week low of $13.79 and a fifty-two week high of $30.16. The stock has a 50 day simple moving average of $26.30 and a two-hundred day simple moving average of $25.71. The stock has a market cap of $5.35 billion, a P/E ratio of -9.77 and a beta of 0.70.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 2,754 shares of the stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $81,573.48. Following the completion of the sale, the chief technology officer owned 251,685 shares in the company, valued at approximately $7,454,909.70. This trade represents a 1.08% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Robert Graham Susman sold 2,502 shares of the stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $27.17, for a total value of $67,979.34. Following the completion of the sale, the director owned 36,394 shares of the company’s stock, valued at approximately $988,824.98. This trade represents a 6.43% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 72,141 shares of company stock worth $1,923,713. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the business. Strs Ohio purchased a new stake in Immunovant in the 1st quarter worth approximately $27,000. PNC Financial Services Group Inc. lifted its holdings in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares during the period. Quarry LP lifted its stake in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after purchasing an additional 1,461 shares during the period. Royal Bank of Canada lifted its stake in shares of Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after purchasing an additional 780 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Immunovant by 228.9% in the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after purchasing an additional 4,273 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on IMVT. HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of Immunovant in a report on Tuesday, February 10th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. The Goldman Sachs Group increased their target price on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price for the company. Finally, Guggenheim increased their target price on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $32.44.

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.