Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) shares hit a new 52-week high on Monday . The stock traded as high as $30.16 and last traded at $29.7110, with a volume of 259276 shares. The stock had previously closed at $28.94.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on IMVT shares. Guggenheim lifted their price objective on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. HC Wainwright reissued a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a report on Tuesday, February 10th. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective for the company. The Goldman Sachs Group lifted their target price on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.44.
Get Our Latest Stock Analysis on Immunovant
Immunovant Trading Up 0.4%
Immunovant (NASDAQ:IMVT – Get Free Report) last posted its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the previous year, the business posted ($0.76) EPS. As a group, sell-side analysts predict that Immunovant, Inc. will post -2.67 earnings per share for the current fiscal year.
Insider Activity
In other news, COO Melanie Gloria sold 8,722 shares of Immunovant stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the completion of the sale, the chief operating officer owned 245,222 shares in the company, valued at approximately $6,088,862.26. This trade represents a 3.43% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 5,165 shares of Immunovant stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $128,246.95. Following the sale, the insider owned 183,231 shares of the company’s stock, valued at approximately $4,549,625.73. This trade represents a 2.74% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 72,141 shares of company stock worth $1,923,713. Company insiders own 1.80% of the company’s stock.
Institutional Trading of Immunovant
Large investors have recently modified their holdings of the business. Granahan Investment Management LLC boosted its position in shares of Immunovant by 24.9% during the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after acquiring an additional 53,133 shares during the last quarter. Alpine Global Management LLC boosted its stake in Immunovant by 4.9% in the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after buying an additional 128,039 shares in the last quarter. Aberdeen Group plc boosted its stake in Immunovant by 20.6% in the fourth quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock worth $30,100,000 after buying an additional 202,318 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Immunovant in the fourth quarter worth approximately $1,823,000. Finally, SG Americas Securities LLC boosted its stake in Immunovant by 679.7% in the third quarter. SG Americas Securities LLC now owns 62,598 shares of the company’s stock worth $1,009,000 after buying an additional 54,570 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.
Immunovant Company Profile
Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.
The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.
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