Immunovant (NASDAQ:IMVT) Sets New 12-Month High - Here's What Happened

Key Points

• Immunovant shares hit a new 52-week high, trading as high as $29.55 (last $29.49) on heavy volume of about 1.85 million shares.
• Analysts are mixed—six Buys, four Holds and one Sell—resulting in a consensus "Hold" and an average price target of $32.44, with several firms recently raising targets.
• Insiders have been net sellers (41,125 shares sold in the last three months, including CEO sales), while institutional investors own roughly 47% of the company, indicating insider reductions amid growing institutional stakes.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) shares hit a new 52-week high during trading on Thursday . The company traded as high as $29.55 and last traded at $29.49, with a volume of 1853587 shares trading hands. The stock had previously closed at $28.28.

Analysts Set New Price Targets

A number of research analysts have recently commented on IMVT shares. The Goldman Sachs Group upped their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Guggenheim upped their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Monday, February 9th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immunovant in a research report on Wednesday, April 8th. Truist Financial upped their price objective on shares of Immunovant from $16.00 to $22.00 and gave the company a "hold" rating in a research report on Thursday, January 8th. Finally, Wolfe Research raised shares of Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research note on Tuesday, January 6th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $32.44.

Immunovant Price Performance

The firm has a market cap of $6.00 billion, a P/E ratio of -10.96 and a beta of 0.67. The stock's 50 day moving average is $25.87 and its two-hundred day moving average is $24.51.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating analysts' consensus estimates of ($0.72) by $0.11. During the same quarter in the prior year, the firm posted ($0.76) earnings per share. As a group, research analysts forecast that Immunovant, Inc. will post -2.67 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, CEO Eric Venker sold 14,229 shares of the company's stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $24.10, for a total value of $342,918.90. Following the sale, the chief executive officer owned 19,561 shares of the company's stock, valued at $471,420.10. The trade was a 42.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Tuyl Christopher Van sold 5,165 shares of the company's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $128,246.95. Following the sale, the insider directly owned 183,231 shares in the company, valued at $4,549,625.73. This represents a 2.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 41,125 shares of company stock worth $1,011,149. Insiders own 1.80% of the company's stock.

Institutional Trading of Immunovant

Several large investors have recently added to or reduced their stakes in the company. Deep Track Capital LP grew its stake in Immunovant by 2.4% during the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company's stock worth $156,829,000 after buying an additional 228,845 shares during the last quarter. Vanguard Group Inc. grew its stake in Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock worth $197,750,000 after buying an additional 952,504 shares during the last quarter. Armistice Capital LLC grew its stake in Immunovant by 12.2% during the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company's stock worth $94,076,000 after buying an additional 636,000 shares during the last quarter. Morgan Stanley grew its stake in Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after buying an additional 2,887,359 shares during the last quarter. Finally, State Street Corp grew its stake in Immunovant by 30.9% during the fourth quarter. State Street Corp now owns 3,786,926 shares of the company's stock worth $96,264,000 after buying an additional 894,308 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

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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