Immunovant (NASDAQ:IMVT) Stock Price Up 5.7%

Immunovant, Inc. (NASDAQ:IMVT)’s stock price shot up 5.7% on Tuesday . The company traded as high as $29.23 and last traded at $29.23. 466,351 shares changed hands during trading, a decline of 61% from the average session volume of 1,189,679 shares. The stock had previously closed at $27.65.

Analyst Upgrades and Downgrades

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

Immunovant Price Performance

The stock has a fifty day moving average price of $27.82 and a 200-day moving average price of $32.58. The company has a market cap of $4.44 billion, a PE ratio of -15.97 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same quarter in the prior year, the company posted ($0.46) earnings per share. On average, equities analysts anticipate that Immunovant, Inc. will post -2.11 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 4,042 shares of the firm’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 $119,845.30. Following the transaction, the chief financial officer now directly owns 355,414 shares in the company, valued at $10,538,025.10. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Peter Salzmann sold 34,079 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.06, for a total value of $990,335.74. Following the sale, the chief executive officer now directly owns 1,052,879 shares of the company’s stock, valued at $30,596,663.74. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Eva Renee Barnett sold 4,042 shares of the firm’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 $119,845.30. Following the completion of the sale, the chief financial officer now directly owns 355,414 shares in the company, valued at $10,538,025.10. The disclosure for this sale can be found here. Insiders have sold a total of 101,292 shares of company stock worth $2,944,809 over the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in shares of Immunovant by 11.2% in the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after purchasing an additional 650,506 shares during the last quarter. Point72 Asset Management L.P. acquired a new stake in Immunovant during the fourth quarter worth about $112,356,000. Alpine Global Management LLC grew its position in Immunovant by 34.6% during the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after buying an additional 484,332 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Immunovant by 16.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after buying an additional 259,481 shares in the last quarter. Finally, Armistice Capital LLC grew its position in Immunovant by 38.6% during the fourth quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock worth $60,499,000 after buying an additional 400,123 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.