Immunovant (NASDAQ:IMVT) Posts Earnings Results, Misses Estimates By $0.13 EPS

Immunovant (NASDAQ:IMVT) released its earnings results on Wednesday. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13), FiscalAI reports.

Immunovant Stock Down 0.9%

IMVT stock opened at $26.29 on Wednesday. Immunovant has a twelve month low of $13.79 and a twelve month high of $30.16. The firm has a market cap of $5.35 billion, a PE ratio of -9.77 and a beta of 0.70. The business has a 50 day moving average of $26.30 and a 200 day moving average of $25.71.

Analyst Ratings Changes

A number of research analysts have recently commented on IMVT shares. The Goldman Sachs Group raised their target price on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Sanford C. Bernstein started coverage on Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Guggenheim raised their target price on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 target price on shares of Immunovant in a research note on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Immunovant has an average rating of “Hold” and a consensus price target of $32.44.

Insider Activity at Immunovant

In related news, insider Tuyl Christopher Van sold 5,165 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $128,246.95. Following the completion of the transaction, the insider owned 183,231 shares of the company’s stock, valued at $4,549,625.73. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tiago Girao sold 25,760 shares of the firm’s stock in a transaction that occurred on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $763,011.20. Following the transaction, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at approximately $7,333,793.52. This trade represents a 9.42% 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. Insiders have sold 72,141 shares of company stock worth $1,923,713 over the last quarter. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of the business. Deep Track Capital LP increased its holdings in shares of Immunovant by 2.4% in the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after purchasing an additional 228,845 shares in the last quarter. Armistice Capital LLC increased its holdings in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after purchasing an additional 636,000 shares in the last quarter. Morgan Stanley increased its holdings in shares of Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after purchasing an additional 2,887,359 shares in the last quarter. State Street Corp increased its holdings in shares of Immunovant by 30.9% in the 4th quarter. State Street Corp now owns 3,786,926 shares of the company’s stock worth $96,264,000 after purchasing an additional 894,308 shares in the last quarter. Finally, RTW Investments LP bought a new stake in shares of Immunovant in the 4th quarter worth $80,781,000. 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.