Immunovant (NASDAQ:IMVT) Sets New 12-Month High - Still a Buy?

Key Points

• Immunovant shares reached a new 52-week high of $43.89, trading about 4.5% higher, with a market capitalization of approximately $9.03 billion.
• Analyst sentiment remains positive, with six Buy, three Hold, and one Sell rating; the stock carries a “Moderate Buy” consensus and an average price target of $44, though individual targets range from $30 to $61.
• The company reported a quarterly loss of $0.75 per share, missing estimates by $0.12, while revenue matched expectations at $7.09 million. Insiders have sold roughly $11.35 million of stock over the past 90 days.

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $43.89 and last traded at $43.71, with a volume of 1216514 shares. The stock had previously closed at $41.82.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their price objective on Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Truist Financial increased their price objective on Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a report on Friday, May 22nd. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a research report on Wednesday, July 29th. Guggenheim lifted their price objective on shares of Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Finally, Citigroup raised their target price on Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $44.00.

Immunovant Trading Up 4.5%

The stock has a fifty day simple moving average of $38.45 and a 200-day simple moving average of $31.27. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of -15.50 and a beta of 0.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period last year, the company earned ($0.71) earnings per share. Sell-side analysts forecast that Immunovant, Inc. will post -2.72 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 40,000 shares of Immunovant stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the sale, the chief technology officer directly owned 211,685 shares in the company, valued at approximately $8,109,652.35. The trade was a 15.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tuyl Christopher Van sold 17,824 shares of the company's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44. Following the completion of the sale, the insider directly owned 180,597 shares in the company, valued at approximately $6,918,671.07. The trade was a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 324,810 shares of company stock worth $11,350,166. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

A number of institutional investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant in the 4th quarter worth approximately $25,000. Strs Ohio acquired a new position in Immunovant during the first quarter worth $27,000. PNC Financial Services Group Inc. lifted its holdings in shares of Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Quarry LP boosted its stake in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock valued at $76,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Immunovant in the 2nd quarter worth about $87,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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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