Immunovant (NASDAQ:IMVT) Stock Price Up 3.9% – Should You Buy?

Immunovant, Inc. (NASDAQ:IMVT) shares shot up 3.9% on Thursday . The stock traded as high as $19.70 and last traded at $19.61. 1,168,273 shares were traded during mid-day trading, an increase of 9% from the average session volume of 1,069,313 shares. The stock had previously closed at $18.88.

Analysts Set New Price Targets

Several equities analysts have commented on the company. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Wells Fargo & Company dropped their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Bank of America cut their target price on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. 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. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $41.70.

Immunovant Stock Performance

The company has a market cap of $3.34 billion, a P/E ratio of -7.47 and a beta of 0.68. The stock has a 50-day simple moving average of $21.02 and a 200 day simple moving average of $25.83.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Sell-side analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was bought at an average price of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the purchase, the director now owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. The trade was a 21.11 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now directly owns 91,913 shares in the company, valued at $1,801,494.80. The trade was a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock valued at $813,686 in the last 90 days. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Institutional investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Immunovant by 4.5% during the fourth quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after purchasing an additional 560,344 shares during the last quarter. Vanguard Group Inc. increased its position in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after acquiring an additional 20,614 shares in the last quarter. Deep Track Capital LP raised its stake in shares of Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after acquiring an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of Immunovant by 53.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after purchasing an additional 1,786,217 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

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.