Immunovant (NASDAQ:IMVT) Shares Up 3.9% - Should You Buy?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s stock price traded up 3.9% during trading on Thursday . The company traded as high as $19.70 and last traded at $19.61. 1,168,273 shares changed hands during mid-day trading, an increase of 9% from the average session volume of 1,069,313 shares. The stock had previously closed at $18.88.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IMVT. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective for the company. Guggenheim reiterated a "buy" rating on shares of Immunovant in a report on Thursday. Wells Fargo & Company cut their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Finally, Wolfe Research downgraded Immunovant from an "outperform" rating to a "peer perform" rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Immunovant has a consensus rating of "Buy" and a consensus target price of $41.70.

Immunovant Price Performance

The firm's 50 day moving average price is $20.86 and its 200-day moving average price is $25.64. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of -7.44 and a beta of 0.68.

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Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Analysts expect that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 4,105 shares of the business's stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $98,930.50. Following the sale, the chief financial officer now owns 327,064 shares of the company's stock, valued at $7,882,242.40. The trade was a 1.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Peter Salzmann sold 5,105 shares of the stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the transaction, the chief executive officer now owns 972,992 shares of the company's stock, valued at approximately $23,449,107.20. This represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 35,510 shares of company stock worth $813,686 over the last three months. Company insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Immunovant

Several large investors have recently modified their holdings of IMVT. KBC Group NV lifted its position in shares of Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock worth $55,000 after buying an additional 612 shares during the period. GF Fund Management CO. LTD. bought a new position in shares of Immunovant during the fourth quarter valued at $76,000. Ameriprise Financial Inc. acquired a new stake in shares of Immunovant in the 4th quarter valued at $221,000. KLP Kapitalforvaltning AS bought a new stake in shares of Immunovant in the 4th quarter worth about $268,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Immunovant during the 4th quarter worth about $270,000. 47.08% of the stock is currently owned by institutional investors.

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.