ImmunovantNASDAQ: IMVT

NEW YORK, May 29, 2024 (GLOBE NEWSWIRE) -- Immunovant, Inc. (Nasdaq: IMVT), a clinical-stage immunology company dedicated to enabling normal lives for people with autoimmune diseases, today reported corporate updates and financial results for its fourth quarter and fiscal year ended March 31, 2024.

Biohaven stock crashed Wednesday after the company's experimental protein-degrading drug lagged investor expectations.

On Wall Street, analysts have set an average price target for Immunovant (IMVT) that suggests a potential increase of 68.6%. Although the reliability of this metric is uncertain, the positive trend in earnings estimates could lead to a rise in the stock price.

There is increasing optimism about Immunovant's earnings prospects, leading to its upgrade to a Zacks Rank #2 (Buy) and potentially causing the stock to rise.

Immunovant's IMVT-1402 shows promise for at-home autoimmune treatment, with a differentiated subcutaneous delivery. Phase 1 data indicate significant IgG reductions without major side effects, advancing toward registrational trials. Financial health appears strong with a 40-month cash runway, but increased R&D could affect this.

Immunovant, Inc. (IMVT) reported earnings 30 days ago. What's next for the stock?

The heavy selling pressure might have exhausted for Immunovant, Inc. (IMVT) as it is technically in oversold territory now. In addition to this technical measure, strong agreement among Wall Street analysts in revising earnings estimates higher indicates that the stock is ripe for a trend reversal.

Immunovant (IMVT) gains 3% on encouraging fiscal third-quarter 2024 results. Pipeline development is on track, with several data readouts scheduled from both batoclimab and IMVT-1402 programs.

Immunovant (IMVT) announces positive initial data from the mid-stage study of batoclimab in patients with Graves' disease. The stock gains 12% in the after-market hours, following the news.