Immunovant (NASDAQ:IMVT) Announces Earnings Results, Meets Expectations

Immunovant (NASDAQ:IMVT) posted its earnings results on Monday. The company reported ($0.73) EPS for the quarter, meeting the consensus estimate of ($0.73), Zacks reports. During the same period in the prior year, the company earned ($0.74) earnings per share.

Immunovant Stock Down 1.4%

Shares of NASDAQ:IMVT opened at $23.35 on Monday. Immunovant has a twelve month low of $12.72 and a twelve month high of $31.65. The stock’s 50 day moving average is $17.94 and its 200-day moving average is $16.52. The firm has a market capitalization of $4.07 billion, a price-to-earnings ratio of -8.19 and a beta of 0.60.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IMVT. UBS Group upped their price objective on Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price target on shares of Immunovant in a research note on Thursday, September 4th. Citigroup restated a “buy” rating on shares of Immunovant in a research report on Monday, August 11th. Finally, Truist Financial initiated coverage on shares of Immunovant in a report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $28.78.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of Immunovant stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total transaction of $49,382.85. Following the completion of the transaction, the insider directly owned 217,958 shares in the company, valued at $4,147,740.74. This trade represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,520 shares of the business’s stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total transaction of $47,955.60. Following the sale, the chief technology officer directly owned 200,814 shares of the company’s stock, valued at approximately $3,821,490.42. The trade was a 1.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 7,972 shares of company stock valued at $143,908. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. increased its holdings in Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after purchasing an additional 329,354 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Immunovant by 2,086.8% in the second quarter. Adage Capital Partners GP L.L.C. now owns 463,600 shares of the company’s stock valued at $7,418,000 after purchasing an additional 442,400 shares in the last quarter. Canada Pension Plan Investment Board boosted its position in shares of Immunovant by 127.3% during the second quarter. Canada Pension Plan Investment Board now owns 414,800 shares of the company’s stock valued at $6,637,000 after buying an additional 232,300 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Immunovant by 144.3% during the second quarter. BNP Paribas Financial Markets now owns 298,170 shares of the company’s stock worth $4,771,000 after buying an additional 176,121 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Immunovant in the 2nd quarter valued at $3,161,000. Institutional investors and hedge funds 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.