Immunovant (NASDAQ:IMVT) Stock Price Up 5.9%

Shares of Immunovant, Inc. (NASDAQ:IMVT) were up 5.9% during trading on Monday . The stock traded as high as $28.64 and last traded at $27.95. Approximately 407,208 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 1,205,345 shares. The stock had previously closed at $26.40.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the stock. Truist Financial restated a “buy” rating and set a $48.00 price target on shares of Immunovant in a report on Monday, March 25th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Tuesday, June 18th. The Goldman Sachs Group assumed coverage on Immunovant in a report on Wednesday, March 13th. They set a “buy” rating and a $50.00 price objective on the stock. Oppenheimer reduced their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Thursday, May 30th. Seventeen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $48.75.

Immunovant Stock Up 1.5 %

The stock has a market cap of $3.94 billion, a price-to-earnings ratio of -13.96 and a beta of 0.67. The company’s 50-day moving average is $27.79 and its 200-day moving average is $33.05.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same period last year, the business earned ($0.46) earnings per share. On average, research analysts forecast that Immunovant, Inc. will post -2.11 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In related news, CEO Peter Salzmann sold 4,807 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the completion of the sale, the chief executive officer now directly owns 1,086,958 shares of the company’s stock, valued at approximately $33,891,350.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Michael Geffner sold 3,261 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total transaction of $94,242.90. Following the completion of the transaction, the insider now owns 141,616 shares in the company, valued at $4,092,702.40. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Peter Salzmann sold 4,807 shares of Immunovant stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the transaction, the chief executive officer now directly owns 1,086,958 shares in the company, valued at $33,891,350.44. The disclosure for this sale can be found here. Over the last three months, insiders sold 99,948 shares of company stock valued at $2,936,889. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

Several hedge funds have recently added to or reduced their stakes in IMVT. Headlands Technologies LLC acquired a new stake in shares of Immunovant during the fourth quarter worth about $27,000. Assetmark Inc. acquired a new stake in shares of Immunovant in the 4th quarter valued at about $61,000. EntryPoint Capital LLC grew its holdings in shares of Immunovant by 288.8% during the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after buying an additional 2,163 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in Immunovant in the 4th quarter valued at approximately $212,000. Finally, CoreCap Advisors LLC raised its position in Immunovant by 11.2% in the 4th quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock valued at $270,000 after buying an additional 647 shares during the last quarter. 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.