Immunovant (NASDAQ:IMVT) Hits New 1-Year High – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) shares hit a new 52-week high during mid-day trading on Monday . The company traded as high as $30.16 and last traded at $29.7110, with a volume of 259276 shares traded. The stock had previously closed at $28.94.

Analyst Ratings Changes

IMVT has been the topic of a number of recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. The Goldman Sachs Group increased their target price on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Sanford C. Bernstein initiated coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price on the stock. Guggenheim increased their target price on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of Immunovant in a report on Tuesday, February 10th. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $32.44.

Immunovant Stock Performance

The firm has a 50 day simple moving average of $26.14 and a two-hundred day simple moving average of $25.25. The firm has a market capitalization of $5.91 billion, a P/E ratio of -10.80 and a beta of 0.70.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same period in the prior year, the firm earned ($0.76) EPS. Sell-side analysts anticipate that Immunovant, Inc. will post -2.67 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other news, CEO Eric Venker sold 14,229 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total transaction of $342,918.90. Following the completion of the sale, the chief executive officer directly owned 19,561 shares of the company’s stock, valued at $471,420.10. This trade represents a 42.11% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tuyl Christopher Van sold 5,165 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $128,246.95. Following the sale, the insider directly owned 183,231 shares of the company’s stock, valued at approximately $4,549,625.73. This represents a 2.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 72,141 shares of company stock worth $1,923,713. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Several large investors have recently made changes to their positions in IMVT. RTW Investments LP purchased a new stake in shares of Immunovant during the 4th quarter valued at $80,781,000. Morgan Stanley increased its holdings in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after acquiring an additional 2,887,359 shares during the last quarter. Jennison Associates LLC increased its holdings in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares during the last quarter. ADAR1 Capital Management LLC increased its holdings in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after acquiring an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP increased its holdings in Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after acquiring an additional 1,100,000 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.