Immunovant (NASDAQ:IMVT) Reaches New 52-Week High – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week high on Wednesday . The company traded as high as $41.77 and last traded at $41.6220, with a volume of 44414 shares. The stock had previously closed at $40.93.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on IMVT shares. Bank of America increased their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Guggenheim upped their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group increased their price objective on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. HC Wainwright lifted their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Immunovant Stock Up 2.8%

The firm has a market cap of $8.69 billion, a price-to-earnings ratio of -14.91 and a beta of 0.77. The company’s fifty day moving average is $37.57 and its 200 day moving average is $30.82.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same quarter in the prior year, the firm earned ($0.71) EPS. On average, equities research analysts forecast that Immunovant, Inc. will post -2.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $47,697.30. Following the completion of the transaction, the insider directly owned 179,391 shares of the company’s stock, valued at approximately $7,094,914.05. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,092 shares of the firm’s stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total value of $118,980.16. Following the completion of the transaction, the chief executive officer owned 254,280 shares of the company’s stock, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 324,810 shares of company stock valued at $11,350,166 in the last quarter. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of Immunovant during the 2nd quarter worth about $276,680,000. RTW Investments LP acquired a new stake in Immunovant in the 4th quarter valued at about $80,781,000. Morgan Stanley lifted its stake in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. Jennison Associates LLC grew its holdings in Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after purchasing an additional 2,496,241 shares during the period. Finally, ADAR1 Capital Management LLC grew its holdings in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after purchasing an additional 1,706,687 shares during the period. Institutional investors own 47.08% of the company’s stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.