Immunovant (NASDAQ:IMVT) Releases Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Immunovant (NASDAQ:IMVT) issued its quarterly earnings results on Tuesday. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07), Briefing.com reports. During the same period last year, the business earned ($0.57) EPS.

Immunovant Price Performance

Immunovant stock traded up $1.14 during mid-day trading on Thursday, reaching $28.12. The company had a trading volume of 563,505 shares, compared to its average volume of 1,180,934. The stock’s 50-day simple moving average is $27.40 and its 200-day simple moving average is $30.74. The company has a market capitalization of $4.11 billion, a P/E ratio of -14.77 and a beta of 0.67. Immunovant has a 1 year low of $18.82 and a 1 year high of $45.58.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IMVT. JPMorgan Chase & Co. reduced their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Wednesday. Oppenheimer lowered their target price on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, June 3rd. Finally, HC Wainwright reissued a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Thursday, May 30th. Fifteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant has an average rating of “Buy” and an average price target of $49.40.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 16,163 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total value of $479,232.95. Following the sale, the chief executive officer now owns 1,036,716 shares of the company’s stock, valued at approximately $30,738,629.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, insider Julia G. Butchko sold 3,247 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total transaction of $96,273.55. Following the completion of the transaction, the insider now owns 448,380 shares of the company’s stock, valued at approximately $13,294,467. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Peter Salzmann sold 16,163 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total transaction of $479,232.95. Following the transaction, the chief executive officer now directly owns 1,036,716 shares of the company’s stock, valued at approximately $30,738,629.40. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 54,927 shares of company stock valued at $1,599,990. 5.90% of the stock is owned by 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.