Immunovant (NASDAQ:IMVT) Issues Quarterly Earnings Results, Beats Estimates By $0.33 EPS

Key Points

• Immunovant reported a quarterly loss of $0.41 per share, beating analyst estimates of a $0.74 loss by $0.33.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $44; eight rate the stock Buy, three Hold, and one Sell.
• Company insiders sold 24,430 shares worth about $788,000 during the quarter; reported individual sales were to cover tax withholding on vested equity awards.

Immunovant (NASDAQ:IMVT - Get Free Report) issued its quarterly earnings data on Monday. The company reported ($0.41) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.74) by $0.33, FiscalAI reports.

Immunovant Stock Performance

NASDAQ IMVT opened at $30.53 on Monday. Immunovant has a 52-week low of $21.43 and a 52-week high of $45.42. The company has a 50-day simple moving average of $33.11 and a 200 day simple moving average of $32.11. The company has a market capitalization of $6.31 billion, a PE ratio of -10.83 and a beta of 0.95.

Insiders Place Their Bets

In other Immunovant news, CTO Jay Stout sold 2,595 shares of the business's stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $28.94, for a total value of $75,099.30. Following the transaction, the chief technology officer directly owned 198,937 shares in the company, valued at $5,757,236.78. The trade was a 1.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Van Tuyl sold 1,327 shares of the stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total transaction of $42,543.62. Following the transaction, the insider directly owned 175,218 shares of the company's stock, valued at $5,617,489.08. This represents a 0.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 24,430 shares of company stock valued at $787,852. Company insiders own 1.90% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have commented on IMVT. HC Wainwright reissued a "buy" rating on shares of Immunovant in a research report on Thursday, September 24th. JPMorgan Chase & Co. upped their target price on Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Sanford C. Bernstein raised Immunovant to a "hold" rating in a report on Wednesday, July 29th. UBS Group reaffirmed a "buy" rating on shares of Immunovant in a research report on Wednesday, September 23rd. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $44.00.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies.

The company's investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves' disease and other autoimmune disorders.

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