Immunovant (NASDAQ:IMVT) Shares Gap Down After Earnings Miss

Immunovant, Inc. (NASDAQ:IMVTGet Free Report) shares gapped down prior to trading on Thursday following a dissappointing earnings announcement. The stock had previously closed at $29.57, but opened at $27.70. Immunovant shares last traded at $27.34, with a volume of 580,290 shares.

The company reported ($0.52) EPS for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same quarter last year, the firm earned ($0.46) EPS.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on IMVT shares. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Thursday. The Goldman Sachs Group started coverage on Immunovant in a report on Wednesday, March 13th. They set a “buy” rating and a $50.00 target price for the company. Oppenheimer initiated coverage on shares of Immunovant in a report on Thursday, March 28th. They issued an “outperform” rating and a $50.00 price target on the stock. JPMorgan Chase & Co. started coverage on Immunovant in a research report on Tuesday, February 20th. They issued an “overweight” rating and a $51.00 price objective on the stock. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Thursday. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant currently has a consensus rating of “Buy” and an average target price of $49.00.

Get Our Latest Report on IMVT

Insider Activity

In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of the business’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the transaction, the chief executive officer now owns 1,086,958 shares of the company’s stock, valued at $33,891,350.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Peter Salzmann sold 4,807 shares of the firm’s stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $149,882.26. Following the completion of the sale, the chief executive officer now owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael Geffner sold 3,261 shares of the company’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total value of $94,242.90. Following the completion of the transaction, the insider now owns 141,616 shares in the company, valued at $4,092,702.40. The disclosure for this sale can be found here. Insiders sold 99,948 shares of company stock worth $2,936,889 over the last ninety days. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Teacher Retirement System of Texas boosted its stake in Immunovant by 18.2% during the third quarter. Teacher Retirement System of Texas now owns 16,701 shares of the company’s stock worth $641,000 after buying an additional 2,567 shares during the period. Principal Financial Group Inc. boosted its position in shares of Immunovant by 1,299.7% during the 3rd quarter. Principal Financial Group Inc. now owns 327,075 shares of the company’s stock worth $12,556,000 after purchasing an additional 303,707 shares during the period. Arizona State Retirement System boosted its position in shares of Immunovant by 14.3% during the 3rd quarter. Arizona State Retirement System now owns 16,728 shares of the company’s stock worth $642,000 after purchasing an additional 2,095 shares during the period. Jump Financial LLC purchased a new stake in Immunovant in the third quarter valued at approximately $462,000. Finally, New York State Common Retirement Fund lifted its stake in Immunovant by 39.5% during the third quarter. New York State Common Retirement Fund now owns 29,911 shares of the company’s stock worth $1,148,000 after purchasing an additional 8,470 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Stock Down 10.7 %

The firm has a 50-day moving average price of $29.83 and a 200 day moving average price of $34.90. The firm has a market capitalization of $3.84 billion, a PE ratio of -14.35 and a beta of 0.70.

About Immunovant

(Get Free Report)

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.

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