Immunovant (NASDAQ:IMVT) Announces Quarterly Earnings Results, Misses Expectations By $0.15 EPS

Immunovant (NASDAQ:IMVT) released its quarterly earnings results on Thursday. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15), Briefing.com reports. During the same quarter in the prior year, the firm posted ($0.45) earnings per share.

Immunovant Stock Performance

Shares of Immunovant stock traded up $0.78 during trading on Friday, hitting $30.71. 427,601 shares of the company’s stock were exchanged, compared to its average volume of 1,078,288. The business has a 50-day simple moving average of $29.79 and a 200-day simple moving average of $28.95. Immunovant has a 52-week low of $24.67 and a 52-week high of $45.58. The stock has a market capitalization of $4.49 billion, a price-to-earnings ratio of -15.75 and a beta of 0.66.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. UBS Group reduced their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. JPMorgan Chase & Co. dropped their price objective on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Raymond James restated an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. Finally, HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Friday. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant currently has an average rating of “Buy” and an average target price of $48.10.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 9,095 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $261,845.05. Following the completion of the transaction, the chief executive officer now owns 994,789 shares of the company’s stock, valued at $28,639,975.31. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Immunovant news, CEO Peter Salzmann sold 9,095 shares of Immunovant stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $261,845.05. Following the completion of the transaction, the chief executive officer now owns 994,789 shares of the company’s stock, valued at approximately $28,639,975.31. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the transaction, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at $10,009,429.84. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,277 shares of company stock valued at $941,919 over the last 90 days. Insiders own 5.90% of the company’s stock.

Immunovant Company Profile

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.