Immunovant (NASDAQ:IMVT) Posts Earnings Results, Misses Estimates By $0.15 EPS

Immunovant (NASDAQ:IMVT) issued its earnings results on Thursday. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15), Briefing.com reports. During the same period last year, the business earned ($0.45) earnings per share.

Immunovant Price Performance

Shares of NASDAQ:IMVT traded up $0.67 during trading on Friday, reaching $30.60. The company had a trading volume of 406,472 shares, compared to its average volume of 1,078,191. Immunovant has a fifty-two week low of $24.67 and a fifty-two week high of $45.58. The stock’s fifty day moving average price is $29.79 and its 200 day moving average price is $28.95. The firm has a market capitalization of $4.48 billion, a price-to-earnings ratio of -15.75 and a beta of 0.66.

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the company’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the transaction, the chief financial officer now owns 338,614 shares in the company, valued at approximately $10,009,429.84. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $152,588.72. Following the sale, the chief financial officer now directly owns 338,614 shares in the company, valued at $10,009,429.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,740 shares of Immunovant stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total value of $80,912.20. Following the transaction, the chief technology officer now owns 142,186 shares of the company’s stock, valued at $4,198,752.58. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,277 shares of company stock valued at $941,919 over the last three months. 5.90% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IMVT. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. HC Wainwright reissued a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research report on Friday. JPMorgan Chase & Co. decreased their price objective on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Raymond James reiterated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Finally, Oppenheimer upped their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $48.10.

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.