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

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week high during trading on Tuesday . The stock traded as high as $39.84 and last traded at $40.0560, with a volume of 350962 shares traded. The stock had previously closed at $38.60.

Analyst Ratings Changes

A number of equities analysts have weighed in on IMVT shares. Sanford C. Bernstein initiated coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. HC Wainwright increased their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Bank of America lifted their target price on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Citigroup boosted their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, Truist Financial upped their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $39.70.

Immunovant Price Performance

The stock has a market capitalization of $8.31 billion, a price-to-earnings ratio of -14.56 and a beta of 0.76. The business’s 50-day simple moving average is $32.46 and its two-hundred day simple moving average is $28.29.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the business earned ($0.64) EPS. As a group, sell-side analysts expect that Immunovant, Inc. will post -2.65 EPS for the current year.

Insider Activity

In other Immunovant news, COO Melanie Gloria sold 17,714 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the transaction, the chief operating officer directly owned 224,393 shares of the company’s stock, valued at $8,596,495.83. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Tiago Girao sold 10,000 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.46, for a total value of $384,600.00. Following the transaction, the chief financial officer owned 247,596 shares in the company, valued at approximately $9,522,542.16. This represents a 3.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 373,116 shares of company stock worth $12,592,990 in the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new position in Immunovant during the 4th quarter worth approximately $25,000. Strs Ohio acquired a new stake in Immunovant in the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. grew its position in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP raised its stake in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after purchasing an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC raised its stake in shares of Immunovant by 228.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after purchasing an additional 4,273 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.