Immunovant (NASDAQ:IMVT) Releases Earnings Results, Misses Estimates By $0.07 EPS

Immunovant (NASDAQ:IMVT) issued its earnings results on Tuesday. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07), Briefing.com reports. During the same period last year, the company earned ($0.57) EPS.

Immunovant Stock Performance

IMVT stock traded down $0.87 during mid-day trading on Wednesday, hitting $26.98. The company had a trading volume of 1,344,838 shares, compared to its average volume of 1,185,020. The firm has a market cap of $3.94 billion, a PE ratio of -14.22 and a beta of 0.67. Immunovant has a 12 month low of $18.82 and a 12 month high of $45.58. The stock’s fifty day moving average price is $27.45 and its two-hundred day moving average price is $30.77.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Wednesday. Oppenheimer lowered their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, June 3rd. Finally, HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a research note on Thursday, May 30th. Fifteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant has a consensus rating of “Buy” and an average target price of $49.73.

Insider Activity

In related news, insider Mark S. Levine sold 2,505 shares of Immunovant stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total value of $74,373.45. Following the sale, the insider now owns 337,409 shares of the company’s stock, valued at approximately $10,017,673.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Immunovant news, insider Mark S. Levine sold 2,505 shares of the business’s stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total value of $74,373.45. Following the sale, the insider now directly owns 337,409 shares in the company, valued at $10,017,673.21. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Peter Salzmann sold 16,163 shares of Immunovant stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total value of $479,232.95. Following the completion of the sale, the chief executive officer now directly owns 1,036,716 shares of the company’s stock, valued at approximately $30,738,629.40. The disclosure for this sale can be found here. Insiders sold 54,927 shares of company stock valued at $1,599,990 in the last three months. Company insiders own 5.90% 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.