Immunovant (NASDAQ:IMVT) Stock Price Up 5.3% – What’s Next?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price rose 5.3% on Thursday . The company traded as high as $18.82 and last traded at $18.84. Approximately 589,348 shares traded hands during mid-day trading, a decline of 46% from the average daily volume of 1,087,387 shares. The stock had previously closed at $17.89.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Jefferies Financial Group initiated coverage on Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective for the company. Finally, Bank of America dropped their target price on Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Immunovant presently has a consensus rating of “Buy” and a consensus price target of $41.00.

Immunovant Stock Performance

The business’s fifty day moving average price is $20.36 and its 200-day moving average price is $25.24. The stock has a market cap of $3.12 billion, a PE ratio of -7.01 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity

In related news, insider William L. Macias sold 2,383 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $56,786.89. Following the transaction, the insider now directly owns 359,408 shares of the company’s stock, valued at approximately $8,564,692.64. This trade represents a 0.66 % 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, CFO Eva Renee Barnett sold 4,105 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $98,930.50. Following the sale, the chief financial officer now directly owns 327,064 shares of the company’s stock, valued at $7,882,242.40. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock valued at $813,686 in the last quarter. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IMVT. Intech Investment Management LLC bought a new stake in Immunovant during the third quarter valued at about $622,000. Charles Schwab Investment Management Inc. boosted 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. FMR LLC grew its holdings in Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after buying an additional 2,053,688 shares in the last quarter. Erste Asset Management GmbH bought a new stake in shares of Immunovant during the third quarter valued at approximately $1,471,000. Finally, Baker BROS. Advisors LP lifted its holdings in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after buying an additional 760,692 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.