Immunovant (NASDAQ:IMVT) Posts Earnings Results, Beats Expectations By $0.08 EPS

Immunovant (NASDAQ:IMVT) released its quarterly earnings data on Thursday. The company reported ($0.64) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.08, Briefing.com reports. During the same period in the prior year, the business earned ($0.52) EPS.

Immunovant Price Performance

NASDAQ:IMVT opened at $14.80 on Thursday. The firm has a market cap of $2.51 billion, a price-to-earnings ratio of -5.69 and a beta of 0.75. The company has a 50 day moving average price of $15.15 and a 200-day moving average price of $20.71. Immunovant has a 1-year low of $12.72 and a 1-year high of $34.47.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 28,094 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the transaction, the chief executive officer now directly owns 1,186,512 shares of the company’s stock, valued at $15,412,790.88. This represents a 2.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares of the company’s stock, valued at $1,801,494.80. The trade was a 8.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 51,682 shares of company stock valued at $753,419. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in IMVT. Goldman Sachs Group Inc. increased its holdings in shares of Immunovant by 48.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after acquiring an additional 329,354 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after acquiring an additional 3,348 shares during the period. Finally, Strs Ohio acquired a new stake in shares of Immunovant in the first quarter valued at $27,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IMVT. HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. Bank of America cut their price target on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Jefferies Financial Group assumed coverage on shares of Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 target price for the company. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Finally, Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $38.33.

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.