Immunovant (NASDAQ:IMVT) Shares Up 3.9% – Time to Buy?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price traded up 3.9% during mid-day trading on Thursday . The stock traded as high as $19.70 and last traded at $19.61. 1,168,273 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 1,069,313 shares. The stock had previously closed at $18.88.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on IMVT shares. Guggenheim restated a “buy” rating on shares of Immunovant in a research note on Thursday. Jefferies Financial Group started coverage on Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 target price on the stock. Wells Fargo & Company lowered their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Wednesday. Finally, Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Immunovant presently has an average rating of “Buy” and a consensus price target of $41.70.

Immunovant Stock Performance

The firm has a market capitalization of $3.34 billion, a P/E ratio of -7.47 and a beta of 0.68. The firm has a 50 day moving average price of $21.02 and a two-hundred day moving average price of $25.83.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Equities research analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 4,105 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $98,930.50. Following the transaction, the chief financial officer now directly owns 327,064 shares of the company’s stock, valued at approximately $7,882,242.40. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $123,030.50. Following the sale, the chief executive officer now directly owns 972,992 shares of the company’s stock, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock valued at $813,686 in the last 90 days. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC increased its holdings in Immunovant by 4.5% in the fourth quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after buying an additional 560,344 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after purchasing an additional 20,614 shares in the last quarter. Deep Track Capital LP lifted its stake in shares of Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in Immunovant by 53.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after purchasing an additional 1,786,217 shares in the last quarter. Finally, State Street Corp increased its position in Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.