Immunovant (NASDAQ:IMVT) Stock Price Up 4.9%

Immunovant, Inc. (NASDAQ:IMVT)’s stock price traded up 4.9% during trading on Thursday . The stock traded as high as $32.25 and last traded at $32.19. 379,499 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 1,127,861 shares. The stock had previously closed at $30.69.

Analyst Upgrades and Downgrades

IMVT has been the topic of several research analyst reports. JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. UBS Group decreased their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Wednesday, August 7th. Oppenheimer decreased their price objective on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, June 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Thursday, May 30th. Fifteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant has a consensus rating of “Buy” and an average target price of $48.40.

Immunovant Stock Performance

The company has a market cap of $4.97 billion, a PE ratio of -17.91 and a beta of 0.67. The stock’s 50 day moving average price is $29.59 and its 200-day moving average price is $29.85.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the previous year, the company earned ($0.57) earnings per share. On average, analysts anticipate that Immunovant, Inc. will post -2.43 EPS for the current year.

Insider Buying and Selling

In other Immunovant news, CTO Jay S. Stout sold 2,813 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $78,088.88. Following the completion of the sale, the chief technology officer now owns 144,926 shares in the company, valued at $4,023,145.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Immunovant news, CTO Jay S. Stout sold 2,813 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total transaction of $78,088.88. Following the completion of the transaction, the chief technology officer now owns 144,926 shares of the company’s stock, valued at approximately $4,023,145.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Julia G. Butchko sold 1,527 shares of Immunovant stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $42,847.62. Following the completion of the sale, the insider now owns 446,853 shares in the company, valued at $12,538,695.18. The disclosure for this sale can be found here. Insiders have sold a total of 31,475 shares of company stock worth $904,638 in the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in IMVT. Point72 Asset Management L.P. purchased a new stake in shares of Immunovant in the 4th quarter worth about $112,356,000. Octagon Capital Advisors LP grew its holdings in shares of Immunovant by 127.3% in the fourth quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after acquiring an additional 1,273,289 shares during the period. Armistice Capital LLC grew its stake in shares of Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after purchasing an additional 1,232,909 shares during the period. Vanguard Group Inc. increased its position in shares of Immunovant by 11.2% during the 1st quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after purchasing an additional 650,506 shares during the last quarter. Finally, Franklin Resources Inc. bought a new position in Immunovant in the fourth quarter worth approximately $22,712,000. 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.