Immunovant (NASDAQ:IMVT) Sets New 12-Month High – Still a Buy?

Shares of Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week high during mid-day trading on Monday . The company traded as high as $37.59 and last traded at $37.5780, with a volume of 148353 shares traded. The stock had previously closed at $35.34.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IMVT. Truist Financial upped their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Guggenheim lifted their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Citigroup restated a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Sanford C. Bernstein initiated coverage on Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price for the company. Finally, HC Wainwright upped their price objective on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $37.33.

Immunovant Price Performance

The company has a fifty day moving average price of $30.23 and a 200 day moving average price of $27.26. The stock has a market cap of $7.80 billion, a P/E ratio of -13.67 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter last year, the business earned ($0.64) EPS. As a group, sell-side analysts expect that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Eric Venker sold 14,229 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $24.10, for a total transaction of $342,918.90. Following the completion of the sale, the chief executive officer directly owned 19,561 shares of the company’s stock, valued at $471,420.10. The trade was a 42.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Jay S. Stout sold 10,132 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $251,577.56. Following the completion of the sale, the chief technology officer owned 254,439 shares in the company, valued at $6,317,720.37. This represents a 3.83% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 297,215 shares of company stock valued at $9,481,453. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. purchased a new position in shares of Immunovant during the fourth quarter valued at approximately $25,000. Strs Ohio bought a new position in Immunovant during the 1st quarter valued at $27,000. Aster Capital Management DIFC Ltd bought a new position in Immunovant during the 3rd quarter valued at $33,000. PNC Financial Services Group Inc. boosted its holdings in Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after acquiring an additional 1,646 shares during the last quarter. Finally, Quarry LP boosted its holdings in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.