Immunovant (NASDAQ:IMVT) Reaches New 12-Month High - Should You Buy?

Key Points

• Immunovant reached a new 52-week high, trading as high as $29.34 (last $29.17) on Friday with about 1.29 million shares changing hands and the stock up roughly 7.1%; market cap is about $5.96 billion.
• Analyst coverage is mixed with an average rating of “Hold” and an average price target of $32.44; notable calls include Guggenheim raising its target to $44 (Buy) and Wolfe Research moving to Outperform with a $50 target, while Weiss issued a Sell.
• Immunovant posted an EPS beat last quarter (‑$0.61 vs. consensus ‑$0.72) but is still expected to report a negative FY EPS (~‑2.69); insiders (including the COO and CTO) recently sold shares to cover tax withholding, leaving insiders with about 1.8% ownership.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The company traded as high as $29.34 and last traded at $29.1710, with a volume of 1289881 shares traded. The stock had previously closed at $27.35.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Guggenheim increased their price target on shares of Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, February 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a research report on Wednesday, April 8th. Wolfe Research raised shares of Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research report on Tuesday, January 6th. The Goldman Sachs Group increased their price target on shares of Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday. Finally, Sanford C. Bernstein initiated coverage on shares of Immunovant in a research report on Friday, March 20th. They set a "market perform" rating and a $28.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $32.44.

Immunovant Stock Up 7.1%

The stock has a market cap of $5.96 billion, a P/E ratio of -10.89 and a beta of 0.67. The firm's 50-day moving average is $25.70 and its two-hundred day moving average is $24.11.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter in the prior year, the business posted ($0.76) EPS. Analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, COO Melanie Gloria sold 8,722 shares of the firm's stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $216,567.26. Following the transaction, the chief operating officer owned 245,222 shares of the company's stock, valued at approximately $6,088,862.26. This trade represents a 3.43% decrease in their ownership of the stock. The sale 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, CTO Jay S. Stout sold 10,132 shares of Immunovant stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $251,577.56. Following the completion of the transaction, the chief technology officer directly owned 254,439 shares in the company, valued at approximately $6,317,720.37. This represents a 3.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 43,102 shares of company stock worth $1,062,611 in the last ninety days. Insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of the company. Invesco Ltd. raised its position in shares of Immunovant by 16.0% in the fourth quarter. Invesco Ltd. now owns 88,857 shares of the company's stock valued at $2,259,000 after purchasing an additional 12,255 shares during the period. Empowered Funds LLC raised its position in shares of Immunovant by 4.5% in the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company's stock valued at $360,000 after purchasing an additional 610 shares during the period. XTX Topco Ltd raised its position in shares of Immunovant by 91.2% in the fourth quarter. XTX Topco Ltd now owns 33,122 shares of the company's stock valued at $842,000 after purchasing an additional 15,795 shares during the period. VARCOV Co. bought a new position in shares of Immunovant in the fourth quarter valued at approximately $404,000. Finally, Virtus Investment Advisers LLC raised its position in shares of Immunovant by 41.1% in the fourth quarter. Virtus Investment Advisers LLC now owns 10,069 shares of the company's stock valued at $256,000 after purchasing an additional 2,931 shares during the period. Institutional investors own 47.08% of the company's stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

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