Immunovant (NASDAQ:IMVT) Trading Up 5.9%

Shares of Immunovant, Inc. (NASDAQ:IMVT) traded up 5.9% on Monday . The stock traded as high as $28.64 and last traded at $27.95. 407,208 shares were traded during mid-day trading, a decline of 66% from the average session volume of 1,205,345 shares. The stock had previously closed at $26.40.

Wall Street Analysts Forecast Growth

Several brokerages have commented on IMVT. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Thursday, May 30th. Oppenheimer lowered their price target on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, June 3rd. The Goldman Sachs Group began coverage on shares of Immunovant in a report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Truist Financial reiterated a “buy” rating and set a $48.00 target price on shares of Immunovant in a report on Monday, March 25th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Tuesday, June 18th. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant has a consensus rating of “Buy” and a consensus price target of $48.75.

Immunovant Stock Up 4.2 %

The stock has a market capitalization of $4.02 billion, a P/E ratio of -14.71 and a beta of 0.67. The company has a fifty day moving average price of $27.86 and a 200-day moving average price of $33.27.

Immunovant (NASDAQ:IMVT) last released its earnings results on Wednesday, May 29th. The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same quarter in the previous year, the company earned ($0.46) earnings per share. As a group, research analysts expect that Immunovant, Inc. will post -2.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Julia G. Butchko sold 3,247 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total value of $96,273.55. Following the transaction, the insider now directly owns 448,380 shares in the company, valued at $13,294,467. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Julia G. Butchko sold 1,053 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $32,832.54. Following the transaction, the insider now owns 461,742 shares in the company, valued at $14,397,115.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Julia G. Butchko sold 3,247 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total transaction of $96,273.55. Following the completion of the sale, the insider now directly owns 448,380 shares of the company’s stock, valued at $13,294,467. The disclosure for this sale can be found here. Insiders have sold a total of 99,948 shares of company stock worth $2,936,889 over the last quarter. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several large investors have recently modified their holdings of IMVT. Headlands Technologies LLC purchased a new position in Immunovant during the fourth quarter valued at approximately $27,000. Assetmark Inc. bought a new stake in Immunovant during the 4th quarter valued at $61,000. EntryPoint Capital LLC increased its holdings in shares of Immunovant by 288.8% in the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after acquiring an additional 2,163 shares during the period. Los Angeles Capital Management LLC purchased a new position in shares of Immunovant in the 4th quarter valued at $212,000. Finally, CoreCap Advisors LLC raised its position in shares of Immunovant by 11.2% in the 4th quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock worth $270,000 after acquiring an additional 647 shares in the last quarter. 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.