Immunovant (NASDAQ:IMVT) Shares Gap Up on Strong Earnings

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s share price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $14.10, but opened at $14.75. Immunovant shares last traded at $14.43, with a volume of 80,475 shares trading hands.

The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.08. The business had revenue of $0.16 million during the quarter. During the same period last year, the business posted ($0.52) EPS.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. HC Wainwright reiterated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. 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 research note on Thursday, March 20th. Guggenheim reiterated a "buy" rating on shares of Immunovant in a research note on Thursday, March 20th. Finally, Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday, March 3rd. They set a "hold" rating and a $20.00 target price for the company. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $38.33.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares in the company, valued at $1,801,494.80. This represents a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Geffner sold 2,349 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $34,741.71. Following the transaction, the insider now owns 225,370 shares in the company, valued at approximately $3,333,222.30. This trade represents a 1.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 51,682 shares of company stock worth $753,419 over the last 90 days. Corporate insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Immunovant by 21.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock worth $109,000 after acquiring an additional 1,037 shares during the last quarter. KBC Group NV boosted its stake in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock worth $77,000 after buying an additional 1,163 shares during the period. Rhumbline Advisers boosted its stake in shares of Immunovant by 1.5% during the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock worth $2,005,000 after buying an additional 1,188 shares during the period. Swiss National Bank boosted its stake in shares of Immunovant by 1.2% during the fourth quarter. Swiss National Bank now owns 100,800 shares of the company's stock worth $2,497,000 after buying an additional 1,200 shares during the period. Finally, Sei Investments Co. boosted its stake in shares of Immunovant by 4.0% during the fourth quarter. Sei Investments Co. now owns 40,456 shares of the company's stock worth $1,002,000 after buying an additional 1,541 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Price Performance

The firm has a market cap of $2.57 billion, a price-to-earnings ratio of -5.79 and a beta of 0.75. The firm's 50 day moving average price is $14.99 and its two-hundred day moving average price is $20.38.

About Immunovant

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.