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

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

Immunovant Price Performance

IMVT opened at $19.52 on Tuesday. The stock’s 50 day moving average price is $24.75 and its 200-day moving average price is $27.79. Immunovant has a 52-week low of $19.09 and a 52-week high of $39.55.

Insider Activity at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 16,692 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the sale, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider William L. Macias sold 2,383 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $56,786.89. Following the transaction, the insider now owns 359,408 shares in the company, valued at $8,564,692.64. This trade represents a 0.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,892 shares of company stock worth $1,811,857 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Analyst Upgrades and Downgrades

IMVT has been the subject of a number of research reports. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a research report on Friday. Bank of America decreased their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Wells Fargo & Company dropped their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Immunovant has a consensus rating of “Buy” and an average price target of $46.73.

About Immunovant

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.