Immunovant (NASDAQ:IMVT) Stock Price Up 5.3% - What's Next?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) traded up 5.3% during trading on Thursday . The company traded as high as $18.82 and last traded at $18.84. 589,348 shares were traded during mid-day trading, a decline of 46% from the average session volume of 1,087,387 shares. The stock had previously closed at $17.89.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Bank of America reduced their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Wells Fargo & Company decreased 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. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. HC Wainwright reiterated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Finally, Guggenheim reiterated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus target price of $41.00.

Immunovant Stock Down 7.0 %

The company's 50-day simple moving average is $20.36 and its 200 day simple moving average is $25.18. The company has a market capitalization of $2.90 billion, a P/E ratio of -6.52 and a beta of 0.68.

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Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). As a group, equities research analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Activity

In other news, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares of the company's stock, valued at approximately $1,801,494.80. This represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eva Renee Barnett sold 4,105 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now directly owns 327,064 shares of the company's stock, valued at approximately $7,882,242.40. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,510 shares of company stock valued at $813,686. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunovant

Large investors have recently made changes to their positions in the company. Intech Investment Management LLC bought a new stake in Immunovant during the third quarter worth about $622,000. Charles Schwab Investment Management Inc. grew its position in Immunovant by 19.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company's stock worth $15,750,000 after acquiring an additional 91,259 shares during the last quarter. FMR LLC increased its holdings in Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company's stock valued at $357,446,000 after purchasing an additional 2,053,688 shares in the last quarter. Erste Asset Management GmbH bought a new position in Immunovant in the 3rd quarter valued at $1,471,000. Finally, Baker BROS. Advisors LP boosted its stake in Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company's stock worth $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Institutional investors own 47.08% 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.