Immunovant (NASDAQ:IMVT) Trading 5.9% Higher

Immunovant, Inc. (NASDAQ:IMVT)’s stock price rose 5.9% during mid-day trading on Monday . The stock traded as high as $28.64 and last traded at $27.95. Approximately 407,208 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 1,205,345 shares. The stock had previously closed at $26.40.

Analysts Set New Price Targets

A number of research firms recently commented on IMVT. Truist Financial reiterated a “buy” rating and set a $48.00 price objective on shares of Immunovant in a research report on Monday, March 25th. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Thursday, May 30th. Oppenheimer lowered their target price on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. The Goldman Sachs Group initiated coverage on Immunovant in a research note on Wednesday, March 13th. They set a “buy” rating and a $50.00 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Tuesday, June 18th. Seventeen analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $48.75.

Immunovant Trading Up 4.2 %

The firm has a 50-day moving average of $27.86 and a two-hundred day moving average of $33.27. The firm has a market cap of $4.02 billion, a price-to-earnings ratio of -14.71 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same quarter in the previous year, the company earned ($0.46) EPS. As a group, equities analysts anticipate that Immunovant, Inc. will post -2.11 EPS for the current year.

Insider Activity at Immunovant

In related news, insider Julia G. Butchko sold 1,053 shares of the company’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $32,832.54. Following the completion of the transaction, the insider now directly owns 461,742 shares in the company, valued at $14,397,115.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Peter Salzmann sold 4,807 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $149,882.26. Following the completion of the transaction, the chief executive officer now owns 1,086,958 shares in the company, valued at $33,891,350.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Julia G. Butchko sold 1,053 shares of Immunovant stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $32,832.54. Following the completion of the transaction, the insider now owns 461,742 shares of the company’s stock, valued at approximately $14,397,115.56. The disclosure for this sale can be found here. Insiders have sold 99,948 shares of company stock worth $2,936,889 over the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Headlands Technologies LLC acquired a new stake in shares of Immunovant in the 4th quarter valued at approximately $27,000. Assetmark Inc. bought a new position in shares of Immunovant during the fourth quarter worth $61,000. EntryPoint Capital LLC boosted its position in shares of Immunovant by 288.8% during the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after purchasing an additional 2,163 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Immunovant in the 4th quarter valued at $212,000. Finally, CoreCap Advisors LLC increased its position in shares of Immunovant by 11.2% in the 4th quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock valued at $270,000 after buying an additional 647 shares in the last quarter. Institutional investors and hedge funds 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.