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

Immunovant (NASDAQ:IMVT) announced its earnings results on Thursday. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15), Briefing.com reports. During the same period last year, the firm posted ($0.45) EPS.

Immunovant Stock Performance

IMVT stock traded up $0.56 during trading on Friday, reaching $30.49. 377,933 shares of the company were exchanged, compared to its average volume of 1,078,060. The stock’s 50 day moving average price is $29.79 and its 200 day moving average price is $28.95. Immunovant has a 52-week low of $24.67 and a 52-week high of $45.58. The company has a market cap of $4.46 billion, a P/E ratio of -15.75 and a beta of 0.66.

Insider Buying and Selling at Immunovant

In other news, CEO Peter Salzmann sold 9,095 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total transaction of $261,845.05. Following the sale, the chief executive officer now owns 994,789 shares of the company’s stock, valued at $28,639,975.31. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Peter Salzmann sold 9,095 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $261,845.05. Following the sale, the chief executive officer now directly owns 994,789 shares of the company’s stock, valued at approximately $28,639,975.31. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark S. Levine sold 4,361 shares of Immunovant stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $128,780.33. Following the transaction, the insider now owns 322,878 shares of the company’s stock, valued at approximately $9,534,587.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,277 shares of company stock valued at $941,919. Corporate insiders own 5.90% of the company’s stock.

Analyst Ratings Changes

Several brokerages have issued reports on IMVT. JPMorgan Chase & Co. lowered their price objective on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday. UBS Group decreased their price objective on Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Raymond James reissued an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. Eleven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $48.10.

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.