Immunovant (NASDAQ:IMVT) Hits New 1-Year High – Still a Buy?

Shares of Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $29.25 and last traded at $27.4460, with a volume of 680751 shares. The stock had previously closed at $27.39.

Analyst Ratings Changes

IMVT has been the topic of a number of recent research reports. The Goldman Sachs Group increased their target price on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. Guggenheim increased their price target on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $35.00 price target on shares of Immunovant in a research note on Tuesday, February 10th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and a consensus price target of $31.11.

Immunovant Stock Down 0.7%

The stock has a fifty day simple moving average of $26.23 and a 200 day simple moving average of $21.64. The firm has a market capitalization of $5.53 billion, a P/E ratio of -10.10 and a beta of 0.54.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the prior year, the business posted ($0.76) earnings per share. Research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 22,249 shares of Immunovant stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.25, for a total value of $517,289.25. Following the sale, the director owned 85,852 shares of the company’s stock, valued at $1,996,059. The trade was a 20.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Tuyl Christopher Van sold 10,813 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the sale, the insider owned 149,930 shares in the company, valued at $4,034,616.30. This represents a 6.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 51,242 shares of company stock valued at $1,240,244. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Invesco Ltd. raised its holdings in shares of Immunovant by 16.0% in the fourth quarter. Invesco Ltd. now owns 88,857 shares of the company’s stock worth $2,259,000 after buying an additional 12,255 shares during the period. Empowered Funds LLC boosted its stake in shares of Immunovant by 4.5% during the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock valued at $360,000 after purchasing an additional 610 shares during the period. XTX Topco Ltd grew its holdings in shares of Immunovant by 91.2% in the fourth quarter. XTX Topco Ltd now owns 33,122 shares of the company’s stock worth $842,000 after purchasing an additional 15,795 shares during the last quarter. VARCOV Co. bought a new stake in Immunovant during the 4th quarter valued at about $404,000. Finally, Virtus Investment Advisers LLC grew its stake in Immunovant by 41.1% in the 4th quarter. Virtus Investment Advisers LLC now owns 10,069 shares of the company’s stock worth $256,000 after acquiring an additional 2,931 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.