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

Immunovant (NASDAQ:IMVT) announced its earnings results on Thursday. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08), Zacks reports.

Immunovant Trading Down 7.0 %

Shares of NASDAQ:IMVT traded down $1.57 on Thursday, reaching $20.94. The company had a trading volume of 917,513 shares, compared to its average volume of 1,183,842. Immunovant has a 52-week low of $20.42 and a 52-week high of $39.55. The firm’s 50 day simple moving average is $25.08 and its 200-day simple moving average is $27.89. The firm has a market capitalization of $3.56 billion, a PE ratio of -9.49 and a beta of 0.65.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on IMVT. Bank of America reduced their price objective on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Oppenheimer raised their price target on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Wells Fargo & Company reduced their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $47.00.

Insider Activity

In related news, insider William L. Macias sold 2,383 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total transaction of $56,786.89. Following the transaction, the insider now directly owns 359,408 shares in the company, valued at $8,564,692.64. The trade was a 0.66 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Eva Renee Barnett sold 4,174 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $106,228.30. Following the transaction, the chief financial officer now owns 331,169 shares in the company, valued at approximately $8,428,251.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is currently owned by company insiders.

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.