Immunovant (NASDAQ:IMVT) Issues Earnings Results

Immunovant (NASDAQ:IMVT - Get Free Report) announced its quarterly earnings results on Thursday. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.08, Briefing.com reports. The business had revenue of $0.16 million during the quarter. During the same quarter in the previous year, the company earned ($0.52) EPS.

Immunovant Trading Up 2.0%

Shares of NASDAQ IMVT traded up $0.30 during mid-day trading on Monday, reaching $15.15. The company had a trading volume of 395,763 shares, compared to its average volume of 1,195,518. The business's 50-day moving average is $14.99 and its 200-day moving average is $20.38. The stock has a market cap of $2.57 billion, a price-to-earnings ratio of -5.79 and a beta of 0.75. Immunovant has a 52 week low of $12.72 and a 52 week high of $34.47.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 1,925 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total value of $28,470.75. Following the transaction, the chief technology officer now directly owns 209,243 shares in the company, valued at approximately $3,094,703.97. This represents a 0.91% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Michael Geffner sold 2,349 shares of the company's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $34,741.71. Following the completion of the transaction, the insider now owns 225,370 shares in the company, valued at approximately $3,333,222.30. The trade was a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,682 shares of company stock worth $753,419. Insiders own 5.90% of the company's stock.

Institutional Trading of Immunovant

A number of hedge funds have recently added to or reduced their stakes in IMVT. Strs Ohio purchased a new position in Immunovant during the 1st quarter valued at about $27,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company's stock valued at $708,000 after purchasing an additional 3,348 shares during the period. Finally, Goldman Sachs Group Inc. increased its position in Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock valued at $17,222,000 after purchasing an additional 329,354 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IMVT has been the topic of several research reports. HC Wainwright restated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. UBS Group restated a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Bank of America lowered their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Guggenheim restated a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Finally, Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $38.33.

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.