Immunovant (NASDAQ:IMVT) Stock Price Up 10% - Time to Buy?

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)'s stock price rose 10% during trading on Wednesday . The company traded as high as $17.06 and last traded at $16.58. Approximately 1,624,274 shares changed hands during trading, an increase of 12% from the average daily volume of 1,444,185 shares. The stock had previously closed at $15.07.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Bank of America decreased their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 target price for the company in a research note on Thursday, July 10th. UBS Group increased their price target on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company 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 issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $35.20.

Immunovant Stock Performance

The business's 50 day moving average price is $16.27 and its two-hundred day moving average price is $16.43. The company has a market capitalization of $2.90 billion, a price-to-earnings ratio of -5.84 and a beta of 0.45.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, topping analysts' consensus estimates of ($0.69) by $0.09. During the same period last year, the company earned ($0.60) earnings per share. On average, sell-side analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Transactions at Immunovant

In related news, insider Michael Geffner sold 2,385 shares of the business'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 value of $43,287.75. Following the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CTO Jay S. Stout sold 2,805 shares of the 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 directly owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 7,869 shares of company stock worth $140,384. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

A number of hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new stake in shares of Immunovant during the fourth quarter valued at approximately $505,000. Northern Trust Corp raised its stake in Immunovant by 4.0% during the 4th quarter. Northern Trust Corp now owns 527,367 shares of the company's stock valued at $13,063,000 after purchasing an additional 20,377 shares during the period. Ameriprise Financial Inc. purchased a new stake in shares of Immunovant in the fourth quarter valued at $221,000. BNP Paribas Financial Markets acquired a new stake in shares of Immunovant in the fourth quarter worth $2,110,000. Finally, Bank of America Corp DE boosted its position in shares of Immunovant by 50.4% in the fourth quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock worth $8,460,000 after buying an additional 114,511 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

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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