Immunovant (NASDAQ:IMVT) Shares Up 10% - What's Next?

Key Points

• Immunovant's stock price rose by 10% during trading, reaching a high of $17.06 and last trading at $16.58 after closing at $15.07.
• Analyst ratings show a mixed outlook, with current targets ranging from $18.00 to $30.00, and an average price target of $35.20.
• The company reported a loss of ($0.60) earnings per share for the last quarter, outperforming analyst expectations of ($0.69).

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) shares shot up 10% during trading on Wednesday . The stock traded as high as $17.06 and last traded at $16.58. 1,624,274 shares were traded during trading, an increase of 12% from the average session volume of 1,444,185 shares. The stock had previously closed at $15.07.

Analysts Set New Price Targets

Several brokerages have recently commented on IMVT. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price target on the stock in a research note on Thursday, July 10th. Citigroup restated a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. HC Wainwright restated a "buy" rating and set a $35.00 price target on shares of Immunovant in a research note on Thursday. Bank of America lowered their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. lowered their price target on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Immunovant Trading Down 4.5%

The business's fifty day simple moving average is $16.31 and its two-hundred day simple moving average is $16.32. The stock has a market capitalization of $2.85 billion, a P/E ratio of -5.74 and a beta of 0.45.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued 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 in the prior year, the company earned ($0.60) earnings per share. On average, equities research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 2,385 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $4,026,123.75. This trade represents a 1.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares of the company's stock, valued at $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,869 shares of company stock valued at $140,384 over the last ninety days. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in IMVT. Strs Ohio bought a new position in Immunovant during the 1st quarter valued at about $27,000. FNY Investment Advisers LLC bought a new position in Immunovant during the 1st quarter valued at about $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Immunovant during the 1st quarter valued at about $37,000. Farther Finance Advisors LLC lifted its holdings in 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 purchasing an additional 2,855 shares during the last quarter. Finally, Headlands Technologies LLC bought a new position in Immunovant during the 1st quarter valued at about $51,000. 47.08% of the stock is owned by institutional investors.

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.