Immunovant (NASDAQ:IMVT) Sees Strong Trading Volume – Should You Buy?

Immunovant, Inc. (NASDAQ:IMVT) shares saw strong trading volume on Wednesday . 1,466,258 shares were traded during trading, an increase of 30% from the previous session’s volume of 1,129,718 shares.The stock last traded at $15.85 and had previously closed at $15.20.

Wall Street Analyst Weigh In

A number of research firms have recently commented on IMVT. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Jefferies Financial Group assumed coverage on Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective for the company. Wells Fargo & Company lowered their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a research note on Thursday, March 20th. Finally, Bank of America lowered their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $41.00.

Immunovant Price Performance

The firm has a market cap of $2.77 billion, a price-to-earnings ratio of -6.23 and a beta of 0.68. The stock has a 50-day moving average of $20.06 and a 200-day moving average of $25.00.

Immunovant (NASDAQ:IMVT) last issued its earnings results 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). On average, equities analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Activity at Immunovant

In related news, CEO Peter Salzmann sold 5,105 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $123,030.50. Following the completion of the sale, the chief executive officer now directly owns 972,992 shares in the company, valued at $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of the company’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the sale, the director now owns 91,913 shares in the company, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,510 shares of company stock valued at $813,686 in the last quarter. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new position in Immunovant during the 4th quarter worth approximately $76,000. KBC Group NV raised its position in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Immunovant during the fourth quarter worth approximately $221,000. KLP Kapitalforvaltning AS bought a new position in shares of Immunovant in the 4th quarter worth $268,000. Finally, Aigen Investment Management LP acquired a new stake in Immunovant in the 4th quarter valued at $270,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.