Immunovant (NASDAQ:IMVT) Shares Break Above 200 Day Moving Average - Here's Why

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) crossed above its two hundred day moving average during trading on Monday. The stock has a two hundred day moving average of $32.15 and traded as high as $35.61. Immunovant shares last traded at $35.15, with a volume of 3,978,247 shares changing hands.

Key Immunovant News

Here are the key news stories impacting Immunovant this week:

• Positive Sentiment: IMVT-1402 met the primary endpoint in a potentially registrational trial for difficult-to-treat rheumatoid arthritis: 92.5% of patients receiving the drug achieved an ACR20 response at Week 28, compared with 75.6% on placebo. The company also reported exploratory ACR50 and ACR70 responses of 80.0% and 52.5%, respectively. Immunovant corporate update and financial results
• Positive Sentiment: For the quarter, Immunovant reported a loss of $0.47 per share, narrower than analysts’ expected loss of $0.74 per share. The loss was wider than the $0.73 per share reported in the same period last year. Quarterly earnings results
• Neutral Sentiment: The company plans to discuss the next steps for the rheumatoid arthritis program with the FDA later this year. It said other clinical development timelines remain on track. Immunovant corporate update and financial results
• Negative Sentiment: Immunovant said it is unlikely to advance IMVT-1402 in Sjögren’s disease beyond its ongoing, fully enrolled Phase 2 trial, citing changes in the treatment landscape and recent data in the field. Immunovant corporate update and financial results

Analysts Set New Price Targets

Several brokerages recently issued reports on IMVT. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research note on Friday, October 2nd. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a research note on Tuesday, August 25th. UBS Group reiterated a "buy" rating on shares of Immunovant in a research note on Wednesday, September 23rd. HC Wainwright reissued a "buy" rating on shares of Immunovant in a report on Thursday, September 24th. Finally, Citigroup restated a "positive" rating on shares of Immunovant in a research report on Thursday, September 24th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and an average price target of $44.00.

Immunovant Trading Up 15.1%

The firm has a market cap of $7.26 billion, a price-to-earnings ratio of -12.46 and a beta of 0.95. The stock has a 50-day moving average of $32.98 and a 200-day moving average of $32.15.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Monday, November 9th. The company reported ($0.47) EPS for the quarter, topping analysts' consensus estimates of ($0.74) by $0.27. During the same period in the prior year, the company earned ($0.73) EPS. As a group, research analysts expect that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other news, insider Christopher Van Tuyl sold 2,846 shares of the company's stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $36.36, for a total transaction of $103,480.56. Following the completion of the transaction, the insider owned 176,545 shares in the company, valued at approximately $6,419,176.20. This represents a 1.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tiago Girão sold 6,606 shares of the stock in a transaction dated Wednesday, October 28th. The stock was sold at an average price of $28.50, for a total transaction of $188,271.00. Following the completion of the sale, the chief financial officer directly owned 234,192 shares in the company, valued at approximately $6,674,472. This trade represents a 2.74% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 24,430 shares of company stock valued at $787,852. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds have recently made changes to their positions in the business. Ground Swell Capital LLC bought a new stake in Immunovant during the 3rd quarter valued at $323,000. Aberdeen Group plc boosted its position in Immunovant by 2.6% during the 3rd quarter. Aberdeen Group plc now owns 879,334 shares of the company's stock worth $29,704,000 after acquiring an additional 22,304 shares during the period. Fisher Asset Management LLC acquired a new position in Immunovant during the 3rd quarter worth $18,435,000. AlphaCentric Advisors LLC acquired a new position in Immunovant during the 3rd quarter worth $415,000. Finally, Kestra Advisory Services LLC grew its stake in shares of Immunovant by 4.5% in the third quarter. Kestra Advisory Services LLC now owns 17,273 shares of the company's stock worth $583,000 after purchasing an additional 751 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies.

The company's investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves' disease and other autoimmune disorders.

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