Immunovant (NASDAQ:IMVT) Shares Up 7.2% - Here's What Happened

Key Points

• Immunovant's stock rose 7.2% during mid-day trading, reaching a last traded price of $17.24, despite a significant decline in trading volume by 77% compared to its average.
• Analysts have mixed opinions on Immunovant, with a consensus rating of "Moderate Buy" and a target price averaging $31.00, reflecting various target price adjustments from different brokerages.
• The company reported a quarterly loss of ($0.60) earnings per share, surpassing analyst expectations of ($0.69), indicating a positive outlook for future financial performance.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) was up 7.2% during mid-day trading on Thursday . The company traded as high as $17.13 and last traded at $17.24. Approximately 340,012 shares traded hands during trading, a decline of 77% from the average daily volume of 1,494,460 shares. The stock had previously closed at $16.08.

Analyst Ratings Changes

A number of brokerages have recently commented on IMVT. UBS Group increased their target price on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. HC Wainwright reiterated a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research report on Thursday, September 4th. Bank of America reduced their target price on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. JPMorgan Chase & Co. cut their price objective on shares of Immunovant from $37.00 to $33.00 and set an "overweight" rating for the company in a research report on Tuesday, September 30th. Finally, The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price objective for the company in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Immunovant currently has an average rating of "Moderate Buy" and a consensus target price of $31.00.

Immunovant Stock Performance

The business's 50-day simple moving average is $15.68 and its two-hundred day simple moving average is $15.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same quarter last year, the firm earned ($0.60) EPS. Equities research analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the sale, the chief technology officer owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the transaction, the insider directly owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.80% of the company's stock.

Institutional Trading of Immunovant

A number of institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new stake in shares of Immunovant during the 1st quarter valued at approximately $27,000. FNY Investment Advisers LLC acquired a new stake in shares of Immunovant during the 1st quarter valued at approximately $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of Immunovant during the 1st quarter valued at approximately $37,000. Farther Finance Advisors LLC lifted its position in shares of Immunovant by 142,750.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company's stock valued at $46,000 after acquiring an additional 2,855 shares during the period. Finally, Headlands Technologies LLC purchased a new stake in shares of Immunovant in the 1st quarter worth about $51,000. 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.

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