Immunovant (NASDAQ:IMVT) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) gapped up prior to trading on Thursday following a better than expected earnings announcement. 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.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on IMVT shares. HC Wainwright reaffirmed a "buy" rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. UBS Group reissued a "neutral" rating and set a $17.00 price target (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Guggenheim reissued a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Finally, Jefferies Financial Group began coverage on Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 price target on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Immunovant currently has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

Insiders Place Their Bets

In other Immunovant news, CFO Eva Renee Barnett sold 2,993 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total value of $44,565.77. Following the transaction, the chief financial officer now directly owns 396,774 shares of the company's stock, valued at $5,907,964.86. This represents a 0.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Peter Salzmann sold 28,094 shares of the company's stock in a transaction dated Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the transaction, the chief executive officer now directly owns 1,186,512 shares in the company, 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 a total of 51,682 shares of company stock valued at $753,419 in the last three months. Insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC increased its holdings in shares of Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company's stock valued at $324,435,000 after acquiring an additional 560,344 shares during the last quarter. Vanguard Group Inc. boosted its stake in Immunovant by 3.9% during the 1st quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock valued at $118,551,000 after purchasing an additional 257,445 shares during the period. Deep Track Capital LP boosted its stake in Immunovant by 38.0% during the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Immunovant by 15.2% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company's stock valued at $100,743,000 after purchasing an additional 777,590 shares during the period. Finally, Baker BROS. Advisors LP boosted its stake in Immunovant by 219.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock valued at $93,275,000 after purchasing an additional 3,750,000 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Stock Performance

The firm has a 50 day moving average of $14.99 and a two-hundred day moving average of $20.50. The stock has a market cap of $2.53 billion, a P/E ratio of -5.68 and a beta of 0.75.

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.