Immunovant (NASDAQ:IMVT) Trading Up 4.1% – Time to Buy?

Immunovant, Inc. (NASDAQ:IMVT)’s share price traded up 4.1% during mid-day trading on Tuesday . The company traded as high as $24.87 and last traded at $24.87. 67,350 shares were traded during trading, a decline of 94% from the average session volume of 1,061,040 shares. The stock had previously closed at $23.88.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Raymond James reiterated an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. Wells Fargo & Company cut their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Oppenheimer upped their price objective on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Immunovant has an average rating of “Buy” and a consensus target price of $47.22.

Immunovant Stock Up 3.7 %

The firm has a market capitalization of $3.64 billion, a P/E ratio of -11.16 and a beta of 0.64. The business’s 50 day moving average is $27.86 and its 200-day moving average is $28.72.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the firm posted ($0.45) EPS. Research analysts forecast that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, insider Mark S. Levine sold 3,650 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the transaction, the insider now directly owns 319,228 shares in the company, valued at $8,124,352.60. This represents a 1.13 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Eva Renee Barnett sold 4,174 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $106,228.30. Following the transaction, the chief financial officer now directly owns 331,169 shares of the company’s stock, valued at $8,428,251.05. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock worth $2,096,890 in the last quarter. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. raised its position in Immunovant by 7.4% in the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after purchasing an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after purchasing an additional 91,259 shares during the period. Principal Financial Group Inc. boosted its stake in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the period. Rubric Capital Management LP bought a new stake in Immunovant during the 2nd quarter valued at $1,548,000. Finally, First Turn Management LLC increased its stake in shares of Immunovant by 35.6% during the second quarter. First Turn Management LLC now owns 695,428 shares of the company’s stock valued at $18,359,000 after buying an additional 182,535 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Company Profile

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.