Immunovant (NASDAQ:IMVT) Shares Gap Up Following Strong Earnings

Shares of Immunovant, Inc. (NASDAQ:IMVT) gapped up prior to trading on Friday following a stronger than expected earnings report. The stock had previously closed at $24.06, but opened at $26.88. Immunovant shares last traded at $25.4730, with a volume of 107,657 shares trading hands.

The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.71) by $0.10. During the same quarter in the prior year, the firm earned ($0.76) EPS.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IMVT shares. The Goldman Sachs Group upped their target price on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. Guggenheim reaffirmed a “buy” rating and set a $41.00 price objective on shares of Immunovant in a research report on Thursday, December 18th. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Tuesday, January 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Finally, Truist Financial raised their target price on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Immunovant currently has an average rating of “Moderate Buy” and a consensus price target of $30.78.

Insider Activity at Immunovant

In other news, insider Tuyl Christopher Van sold 10,813 shares of the stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $26.91, for a total value of $290,977.83. Following the completion of the sale, the insider directly owned 149,930 shares in the company, valued at $4,034,616.30. This represents a 6.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Melanie Gloria sold 12,626 shares of the stock in a transaction dated Thursday, November 20th. The shares were sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the sale, the chief operating officer owned 173,511 shares of the company’s stock, valued at approximately $4,098,329.82. The trade was a 6.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 63,868 shares of company stock valued at $1,538,470 in the last quarter. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Immunovant

Hedge funds have recently made changes to their positions in the company. Arizona State Retirement System increased its position in shares of Immunovant by 2.2% during the third quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock valued at $326,000 after acquiring an additional 430 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Immunovant by 11.4% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock worth $106,000 after acquiring an additional 675 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares during the period. Ameritas Investment Partners Inc. increased its holdings in Immunovant by 14.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock valued at $112,000 after purchasing an additional 904 shares during the last quarter. Finally, Banque Pictet & Cie SA raised its position in Immunovant by 0.9% in the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after purchasing an additional 993 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

The business has a 50 day simple moving average of $25.56 and a 200 day simple moving average of $20.69. The company has a market capitalization of $4.47 billion, a price-to-earnings ratio of -8.96 and a beta of 0.54.

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.