Immunovant (NASDAQ:IMVT) Posts Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Immunovant (NASDAQ:IMVT) issued its quarterly 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 in the previous year, the business earned ($0.45) earnings per share.

Immunovant Trading Up 1.9 %

NASDAQ:IMVT traded up $0.56 during mid-day trading on Friday, hitting $30.49. The stock had a trading volume of 377,933 shares, compared to its average volume of 1,078,060. Immunovant has a twelve month low of $24.67 and a twelve month high of $45.58. The stock has a 50-day simple moving average of $29.79 and a two-hundred day simple moving average of $28.95. The company has a market capitalization of $4.46 billion, a PE ratio of -15.75 and a beta of 0.66.

Insiders Place Their Bets

In other news, insider Mark S. Levine sold 4,361 shares of Immunovant stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $128,780.33. Following the completion of the sale, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Immunovant news, CEO Peter Salzmann sold 9,095 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were 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 approximately $28,639,975.31. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark S. Levine sold 4,361 shares of the business’s stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $128,780.33. Following the sale, the insider now owns 322,878 shares of the company’s stock, valued at $9,534,587.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,277 shares of company stock worth $941,919 in the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Analyst Upgrades and Downgrades

IMVT has been the topic of several recent research reports. UBS Group lowered their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a research report on Friday. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. reduced their price target 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. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price 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.