Immunovant (NASDAQ:IMVT) Shares Up 4.1% – Time to Buy?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price shot up 4.1% during trading on Tuesday . The stock traded as high as $24.87 and last traded at $24.87. 67,350 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 1,061,040 shares. The stock had previously closed at $23.88.

Analyst Ratings Changes

IMVT has been the subject of several research analyst reports. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Raymond James reaffirmed an “outperform” rating and set a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Oppenheimer upped their price objective on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, Wells Fargo & Company dropped their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $47.22.

Immunovant Trading Up 2.3 %

The firm has a 50 day moving average price of $28.17 and a 200-day moving average price of $28.77. The firm has a market capitalization of $3.59 billion, a P/E ratio of -11.00 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the previous year, the firm earned ($0.45) EPS. Research analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 9,095 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $261,845.05. Following the transaction, the chief executive officer now owns 994,789 shares in the company, valued at approximately $28,639,975.31. This represents a 0.91 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Eva Renee Barnett sold 5,162 shares of the business’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 sale, the chief financial officer now directly owns 338,614 shares in the company, valued at $10,009,429.84. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock worth $2,096,890 over the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Several large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. lifted its holdings in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the period. Tyro Capital Management LLC lifted its position in Immunovant by 0.6% during the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock valued at $7,189,000 after purchasing an additional 1,529 shares during the period. Geode Capital Management LLC grew its position in Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after purchasing an additional 96,924 shares during the period. State Street Corp raised its stake in shares of Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the last quarter. Finally, Baker BROS. Advisors LP lifted its holdings in shares of Immunovant by 163.7% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after buying an additional 760,692 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.