Immunovant (NASDAQ:IMVT) Posts Earnings Results, Beats Expectations By $0.08 EPS

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

Immunovant Price Performance

Shares of IMVT stock traded down $0.02 on Friday, reaching $14.87. 1,456,909 shares of the company were exchanged, compared to its average volume of 1,204,919. The company has a market cap of $2.53 billion, a price-to-earnings ratio of -5.68 and a beta of 0.75. Immunovant has a one year low of $12.72 and a one year high of $34.47. The company has a 50-day moving average of $14.99 and a 200-day moving average of $20.50.

Analysts Set New Price Targets

Several analysts have recently issued reports on IMVT shares. Cantor Fitzgerald upgraded Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Jefferies Financial Group began coverage on Immunovant in a research note on Monday, March 3rd. They set a "hold" rating and a $20.00 target price for the company. UBS Group reaffirmed a "neutral" rating and issued a $17.00 price target (down previously from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Bank of America cut their price target on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Finally, Guggenheim reissued a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $38.33.

Insider Transactions at Immunovant

In other news, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. This represents a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 28,094 shares of the stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total transaction of $364,941.06. Following the completion of the transaction, the chief executive officer now directly owns 1,186,512 shares of the company's stock, valued at approximately $15,412,790.88. The trade was a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 51,682 shares of company stock worth $753,419 in the last 90 days. Insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IMVT. Goldman Sachs Group Inc. increased its holdings in shares of Immunovant by 48.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock worth $17,222,000 after buying an additional 329,354 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Immunovant by 8.9% during the first 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 in the last quarter. Finally, Strs Ohio purchased a new stake in Immunovant during the first quarter valued at approximately $27,000. 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.