Immunovant (NASDAQ:IMVT) Stock Price Up 4.1% – What’s Next?

Shares of Immunovant, Inc. (NASDAQ:IMVT) shot up 4.1% during mid-day trading on Tuesday . The stock traded as high as $24.87 and last traded at $24.87. 67,350 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,061,040 shares. The stock had previously closed at $23.88.

Analyst Ratings Changes

IMVT has been the topic of several recent analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Raymond James reaffirmed an “outperform” rating and set a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. Oppenheimer boosted their price target on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Finally, Wells Fargo & Company dropped their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $47.22.

Immunovant Stock Performance

The stock has a market cap of $3.59 billion, a PE ratio of -11.00 and a beta of 0.64. The business has a 50 day moving average price of $28.17 and a two-hundred day moving average price of $28.77.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the firm earned ($0.45) earnings per share. As a group, research analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Peter Salzmann sold 16,692 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the transaction, the chief executive officer now directly owns 978,097 shares in the company, valued at approximately $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark S. Levine sold 3,650 shares of the firm’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the completion of the transaction, the insider now directly owns 319,228 shares of the company’s stock, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,659 shares of company stock valued at $2,096,890 over the last ninety days. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. KBC Group NV boosted its stake in shares of Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after purchasing an additional 612 shares in the last quarter. Quest Partners LLC raised its stake in shares of Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after acquiring an additional 1,786 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Immunovant during the second quarter worth about $77,000. Assetmark Inc. grew its stake in shares of Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after purchasing an additional 1,228 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after purchasing an additional 934 shares during the last quarter. 47.08% of the stock is currently owned by 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.