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

Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $37.59 and last traded at $37.5780, with a volume of 148353 shares trading hands. The stock had previously closed at $35.34.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. Guggenheim raised their price target on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. HC Wainwright boosted their price objective on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Truist Financial upped their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Citigroup reissued a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.33.

Immunovant Trading Up 7.5%

The firm’s 50 day moving average price is $30.23 and its 200-day moving average price is $27.26. The company has a market cap of $7.80 billion, a P/E ratio of -13.67 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the prior year, the company earned ($0.64) earnings per share. Analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $763,011.20. Following the sale, the chief financial officer owned 247,596 shares of the company’s stock, valued at approximately $7,333,793.52. The trade was a 9.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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, CEO Eric Venker sold 14,229 shares of the firm’s stock in a transaction on Thursday, April 2nd. The shares were sold at an average price of $24.10, for a total transaction of $342,918.90. Following the completion of the transaction, the chief executive officer directly owned 19,561 shares of the company’s stock, valued at $471,420.10. This represents a 42.11% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 297,215 shares of company stock worth $9,481,453. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of IMVT. Bank of America Corp DE increased its position in Immunovant by 185.1% during the first quarter. Bank of America Corp DE now owns 893,678 shares of the company’s stock worth $22,199,000 after acquiring an additional 580,197 shares during the period. ADAR1 Capital Management LLC lifted its position in shares of Immunovant by 8.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after acquiring an additional 198,042 shares during the period. California State Teachers Retirement System increased its position in shares of Immunovant by 9.7% in the first quarter. California State Teachers Retirement System now owns 94,286 shares of the company’s stock worth $2,342,000 after purchasing an additional 8,334 shares during the period. Empowered Funds LLC lifted its holdings in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after acquiring an additional 381 shares during the period. Finally, Quantinno Capital Management LP increased its stake in shares of Immunovant by 181.1% in the 1st quarter. Quantinno Capital Management LP now owns 40,030 shares of the company’s stock valued at $994,000 after purchasing an additional 25,787 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.