Immunovant (NASDAQ:IMVT) Issues Earnings Results

Key Points

• Immunovant reported a quarterly earnings loss of ($0.60) per share, exceeding analysts' expectations of ($0.69) by $0.09.
• Immunovant's stock experienced a 1.7% decline following the earnings announcement, with shares opening at $15.46.
• Institutional investors, including Goldman Sachs Group, have increased their stakes in Immunovant, with Goldman Sachs raising its position by 48.6% during the first quarter.

Immunovant (NASDAQ:IMVT - Get Free Report) released its earnings results on Monday. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.09, Zacks reports. During the same period last year, the business earned ($0.60) EPS.

Immunovant Stock Down 4.3%

Immunovant stock traded down $0.69 during trading hours on Thursday, hitting $15.20. The stock had a trading volume of 1,051,281 shares, compared to its average volume of 1,468,089. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of -5.33 and a beta of 0.66. Immunovant has a one year low of $12.72 and a one year high of $34.47. The business's 50 day simple moving average is $16.54 and its 200-day simple moving average is $17.03.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several analyst reports. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price on the stock in a report on Thursday, July 10th. UBS Group increased their target price on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. Citigroup reissued a "buy" rating on shares of Immunovant in a report on Monday. JPMorgan Chase & Co. dropped their price objective on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Bank of America dropped their price objective on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Immunovant has an average rating of "Moderate Buy" and a consensus target price of $35.20.

Insider Activity

In other news, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the sale, the chief technology officer directly owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the sale, the insider owned 221,825 shares of the company's stock, valued at approximately $4,026,123.75. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock valued at $140,384 over the last quarter. Corporate insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Immunovant

Several large investors have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. grew its stake in Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock worth $17,222,000 after purchasing an additional 329,354 shares during the period. Squarepoint Ops LLC grew its stake in Immunovant by 714.6% during the second quarter. Squarepoint Ops LLC now owns 84,919 shares of the company's stock worth $1,359,000 after purchasing an additional 74,494 shares during the period. Legal & General Group Plc grew its stake in Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company's stock worth $1,237,000 after purchasing an additional 5,010 shares during the period. Invesco Ltd. grew its stake in Immunovant by 20.7% during the second quarter. Invesco Ltd. now owns 66,750 shares of the company's stock worth $1,068,000 after purchasing an additional 11,438 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Immunovant by 4.1% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,641 shares of the company's stock worth $683,000 after purchasing an additional 1,670 shares during the period. Institutional investors and hedge funds 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.