The Vanguard Group, Inc. recently announced the acquisition of new stake in Immunovant Inc. (NASDAQ:IMVT). The institutional investor has increased its shareholding in the Healthcare company by 26.62% to 4.99 million shares with purchase of 1.05 million shares. This fresh investment now brings its stake to 3.83% valued currently at $80.56 million. In addition, Fidelity Management & Research Co raised its holdings by 1.66 million to 4.15 million shares.
With over 3.08 million Immunovant Inc. (IMVT) shares trading Monday and a closing price of $23.75 on the day, the dollar volume was approximately $73.08 million. The shares have shown a positive half year performance of 83.11% and its price on 05/22/23 gained nearly 11.98%. Currently, there are 128.57M common shares owned by the public and among those 53.32M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 12 analysts who have offered their price forecasts for IMVT have a consensus price objective of $29.00. The analysts have set the share’s price value over the next 12 months at a high of $32.00 and a low of $26.00. The average price target is 4.47% above its recent price level and an upside to the estimated low will see the stock gain 8.65% over that period. But an upside of 25.78% will see the stock hit the forecast high price target while median target price for the stock is $28.00.
Insiders at the company have transacted a total of 50 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 2,523,083 shares. Insider sales of the common stock occurred on 27 occasions, with total insider shares sold totaling 159,697 shares.
The top 3 mutual fund holders in Immunovant Inc. are Eventide Healthcare & Life Scienc, SPDR S&P Biotech ETF, and Vanguard Total Stock Market ETF. Eventide Healthcare & Life Scienc owns 3.69 million shares of the company’s stock, all valued at over $59.62 million. The company sold -1.68 million shares recently to bring their total holdings to about 2.84% of the shares outstanding. SPDR S&P Biotech ETF bought 49445.0 shares to see its total holdings expand to 2.83 million shares valued at over $45.61 million and representing 2.17% of the shares outstanding. Vanguard Total Stock Market ETF sold 1606.0 shares to bring its total holdings to over 1.59 million shares at a value of $25.71 million. Vanguard Total Stock Market ETF now owns shares totaling to 1.22% of the shares outstanding.
Shares of Immunovant Inc. (NASDAQ: IMVT) opened at $21.37, up $0.16 from a prior closing price of $21.21. However, the script later moved the day high at 24.18, up 11.98%. The company’s stock has a 5-day price change of 29.01% and 30.78% over the past three months. IMVT shares are trading 33.80% year to date (YTD), with the 12-month market performance up to 556.08% higher. It has a 12-month low price of $3.14 and touched a high of $21.67 over the same period. IMVT has an average intraday trading volume of 896.60K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 29.40%, 43.47%, and 78.50% respectively.
Institutional ownership of Immunovant Inc. (NASDAQ: IMVT) shares accounts for 33.30% of the company’s 128.57M shares outstanding. Mutual fund holders own 28.66%, while other institutional holders and individual stakeholders account for 59.93% and 16.35% respectively.
It has a market capitalization of $3.10B and a beta (3y monthly) value of 0.97. The earnings-per-share (ttm) stands at -$1.66. Price movements for the stock have been influenced by the stock’s volatility, which stands at 9.00% over the week and 5.64% over the month.
Analysts forecast that Immunovant Inc. (IMVT) will achieve an EPS of -$0.43 for the current quarter, -$0.47 for the next quarter and -$1.75 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.68 while analysts give the company a high EPS estimate of -$0.19. Comparatively, EPS for the current quarter was -$0.41 a year ago. Earnings per share for the fiscal year are expected to decrease by -16.70%, and -7.40% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 12 brokerage firm advisors rate Immunovant Inc. (IMVT) as a “Strong Buy” at a consensus score of 1.90. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 1 of the 12 advise that investors “hold,” and 0 rated it as a “Sell.”
