Immunovant (NASDAQ:IMVT) Issues Earnings Results, Misses Expectations By $0.01 EPS

Immunovant (NASDAQ:IMVT) posted its quarterly earnings results on Monday. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.01), Zacks reports. During the same period in the previous year, the business earned ($0.74) EPS.

Immunovant Stock Up 0.0%

NASDAQ:IMVT traded up $0.01 during trading hours on Monday, hitting $23.36. 1,428,203 shares of the stock were exchanged, compared to its average volume of 1,556,305. The company has a market capitalization of $4.07 billion, a P/E ratio of -8.20 and a beta of 0.60. The company’s 50 day moving average is $17.94 and its two-hundred day moving average is $16.52. Immunovant has a twelve month low of $12.72 and a twelve month high of $31.65.

Insiders Place Their Bets

In related news, insider Michael Geffner sold 2,595 shares of the business’s stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total transaction of $49,382.85. Following the completion of the sale, the insider directly owned 217,958 shares of the company’s stock, valued at $4,147,740.74. The trade was a 1.18% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Jay S. Stout sold 2,520 shares of the stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total transaction of $47,955.60. Following the completion of the transaction, the chief technology officer owned 200,814 shares in the company, valued at $3,821,490.42. This represents a 1.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 7,972 shares of company stock valued at $143,908. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Large investors have recently made changes to their positions in the company. Strs Ohio acquired a new position in Immunovant in the first quarter valued at about $27,000. PNC Financial Services Group Inc. grew its position in shares of Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after purchasing an additional 1,646 shares during the period. Tower Research Capital LLC TRC increased its stake in Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after purchasing an additional 4,273 shares in the last quarter. Oxford Asset Management LLP bought a new stake in Immunovant during the 2nd quarter worth approximately $187,000. Finally, Ameriprise Financial Inc. acquired a new stake in Immunovant during the 2nd quarter worth approximately $377,000. Institutional investors own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Tuesday, October 14th. Bank of America dropped their price objective on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. UBS Group upped their target price on shares of Immunovant from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research report on Thursday, September 4th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and a consensus target price of $28.78.

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.