Immunovant (NASDAQ:IMVT) Trading Up 3.4% - Should You Buy?

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) were up 3.4% during mid-day trading on Monday . The company traded as high as $15.42 and last traded at $15.22. Approximately 349,882 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,196,108 shares. The stock had previously closed at $14.72.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IMVT. UBS Group restated a "neutral" rating and issued a $17.00 price objective (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. HC Wainwright restated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research note on Wednesday, March 19th. Guggenheim reiterated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Bank of America cut 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. Finally, Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Two research 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $38.33.

Immunovant Stock Performance

The stock has a market cap of $2.68 billion, a P/E ratio of -6.03 and a beta of 0.81. The stock's fifty day moving average is $17.01 and its 200 day moving average is $22.59.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). Equities research analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the firm's stock in a transaction dated 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 sale, the director now owns 91,913 shares of the company's stock, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jay S. Stout sold 1,925 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $28,470.75. Following the completion of the sale, the chief technology officer now owns 209,243 shares in the company, valued at approximately $3,094,703.97. The trade was a 0.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 51,682 shares of company stock valued at $753,419. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after acquiring an additional 391,436 shares in the last quarter. ABC Arbitrage SA bought a new position in Immunovant in the fourth quarter worth approximately $734,000. Vanguard Group Inc. increased its holdings in Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock worth $165,449,000 after purchasing an additional 20,614 shares during the period. Rhumbline Advisers raised its position in Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock valued at $2,005,000 after purchasing an additional 1,188 shares in the last quarter. Finally, Sei Investments Co. grew its position in shares of Immunovant by 4.0% during the 4th 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 in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

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.