Immunovant (NASDAQ:IMVT) Trading Up 3.9% – Should You Buy?

Shares of Immunovant, Inc. (NASDAQ:IMVT) rose 3.9% during mid-day trading on Thursday . The stock traded as high as $19.70 and last traded at $19.61. Approximately 1,168,273 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 1,069,313 shares. The stock had previously closed at $18.88.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Jefferies Financial Group assumed coverage on Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 target price for the company. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Bank of America reduced their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Guggenheim restated a “buy” rating on shares of Immunovant in a research report on Thursday. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $41.70.

Immunovant Stock Performance

The firm’s fifty day simple moving average is $20.86 and its 200-day simple moving average is $25.71. The stock has a market cap of $3.34 billion, a P/E ratio of -7.50 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the stock in a transaction on Monday, January 13th. The shares were purchased at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the purchase, the director now directly owns 96,650,341 shares in the company, valued at $1,933,006,820. This represents a 21.11 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 2,195 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the sale, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. This trade represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock worth $813,686 in the last quarter. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently modified their holdings of the business. GF Fund Management CO. LTD. purchased a new stake in Immunovant in the fourth quarter valued at approximately $76,000. Two Seas Capital LP increased its holdings in shares of Immunovant by 123.4% in the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after buying an additional 835,000 shares during the last quarter. Vestal Point Capital LP purchased a new stake in shares of Immunovant during the 4th quarter valued at $1,115,000. Twinbeech Capital LP bought a new stake in shares of Immunovant during the 4th quarter worth $314,000. Finally, Two Sigma Advisers LP purchased a new stake in Immunovant during the fourth quarter valued at about $270,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.