Immunovant Stock (NASDAQ:IMVT), Trade Ideas

Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company. It is focused on enabling normal lives for patients with autoimmune diseases. The company's product includes batoclimab and IMVT-1402 targets the neonatal Fc receptor (FcRn).

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Shares of CarMax, Inc. (NYSE: KMX) moved higher during Thursday’s session following better-than-expected quarterly earnings.

Why CarMax Shares Are Trading Higher By Around 8%? Here Are Other Stocks Moving In Thursday&#39;s Mid-Day Session

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Immunovant Inc (NASDAQ: IMVT), on Thursday, released the results from the initial cohort of patients in an ongoing 24-week Phase 2 trial of batoclimab in 

Autoimmune Disease Player Immunovant&#39;s Investigational Drug For Immune System Disorder Shows Response Rates Of Over 50%

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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.

Amazon.com To Rally Over 38%? Here Are 10 Top Analyst Forecasts For Thursday

Immunovant Inc

Citigroup analyst Atif Malik maintains Lam Research (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LRCX#NASDAQ">LRCX</a>) with a Buy and raises the price target from $975 to $1025.

LRCX

Citigroup Maintains Buy on Lam Research, Raises Price Target to $1025

Citigroup analyst Ronald Josey maintains Meta Platforms (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) with a Buy and lowers the price target from $590 to $550.

Citigroup Maintains Buy on Meta Platforms, Lowers Price Target to $550

Financial Institutions (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FISI#NASDAQ">FISI</a>) reported quarterly earnings of $0.11 per share which beat the analyst consensus estimate of $(0.02) by 650 percent. This is a 85.53 percent decrease over earnings of $0.76 per share from the same period last year. The company reported quarterly sales of $40.082 million which beat the analyst consensus estimate of $39.518 million by 1.43 percent. This is a 4.14 percent decrease over sales of $41.815 million the same period last year.

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Earnings Beats

FISI

Financial Institutions Q1 2024 GAAP EPS $0.11 Beats $(0.02) Estimate, Sales $40.082M Beat $39.518M Estimate

NOV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOV#NYSE">NOV</a>) reported quarterly earnings of $0.30 per share which beat the analyst consensus estimate of $0.27 by 11.11 percent. This is a 6.25 percent decrease over earnings of $0.32 per share from the same period last year. The company reported quarterly sales of $2.15 billion which beat the analyst consensus estimate of $2.11 billion by 2.13 percent. This is a 9.84 percent increase over sales of $1.96 billion the same period last year.

NOV Q1 EPS $0.30 Beats $0.27 Estimate, Sales $2.15B Beat $2.11B Estimate

Guidance

MSFT

Microsoft Sees FY2025 Total Revenue Expected To Grow Double-digits; FY25 Capital Expenditures To Be Higher Than FY24;
FY25 Operating Margins Expected To Be Down ~1 Point -Conf Call

Grupo Televisa (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TV#NYSE">TV</a>) reported quarterly earnings of $0.10 per share which beat the analyst consensus estimate of $(0.04) by 350 percent. This is a 242.86 percent increase over losses of $(0.07) per share from the same period last year. The company reported quarterly sales of $939.70 million which missed the analyst consensus estimate of $993.28 million by 5.39 percent. This is a 5.27 percent decrease over sales of $992.02 million the same period last year.

Grupo Televisa Q1 EPS $0.10 Beats $(0.04) Estimate, Sales $939.70M Miss $993.28M Estimate

Australian multinational miner&nbsp;<a href="https://www.benzinga.com/quote/BHP">BHP Group</a>'s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BHP#NYSE">BHP</a>) nearly $40 billion bid for rival Anglo American (OTC:&nbsp;NGLOY) may not be enough to acquire the company as other diversified miners will probably make rival bids amid the global scramble for copper assets.
After completing a $6.4 billion takeover of Australian copper producer&nbsp;OZ Minerals&nbsp;last year, BHP is doubling down on the red metal amid widespread expectations that demand will greatly increase in coming years as the global economy transitions from fossil fuels. 
Solar and wind farms and electric vehicles require more copper than traditional utilities and internal combustion engine automobiles.
"This is the latest move to consolidate in industrial metals driven by a scramble for copper and other metals central to the world&#8217;s clean energy movement,"&nbsp;Sean Casterline, founder of the investment consulting firm&nbsp;Delta Capital Management, told Benzinga.
BHP, already the world's biggest mining company, is currently the third-largest copper producer behind Chile's state-run&nbsp;Codelco&nbsp;and U.S.-based heavyweight&nbsp;Freeport-McMoRan Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FCX#NYSE">FCX</a>). A combination with Anglo American would push BHP to the pole position.&nbsp;&nbsp;
"In our view, the copper assets are the primary driver of a proposed transaction,"&nbsp;RBC Capital Markets analysts said.&nbsp;
<h1 class="wp-block-heading">Rival Bids Seem Likely</h1>
BHP said it offered 25.08 pounds ($32.27) a share for London-based Anglo American, which said it is reviewing the proposal. The all-share deal values Anglo American at GBP 31.1 billion ($38.9 billion) and is contingent on the U.K. company spinning off its shareholdings in Anglo American Platinum Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANGPY#OTC">ANGPY</a>) and Kumba Iron Ore Ltd. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/KIROY#OTC">KIROY</a>), which are both listed in South Africa.
The proposal represents a nearly 14% premium for Anglo American's London-listed shares and a 31% premium without the platinum and iron ore units.
Analysts said that probably isn't enough.
Also Read: <a href="https://www.benzinga.com/markets/asia/24/04/38090219/will-copper-reach-10-000-an-essential-metal-that-faces-an-uncertain-future">Will Copper Reach $10,000? &#8216;An Essential Metal That Faces An Uncertain Future&#8217;</a>
Anglo American's shares have been so beaten down recently that its board and shareholders probably see BHP's bid as undervaluing the company, including copper assets in Chile and Peru, where BHP also has copper operations. Anglo American's shares have been suffering because of operational problems, a disappointing production outlook and a slump in diamond and platinum-group markets.
BHP's offer is "a timid and somewhat convoluted bid" that "won't be enough to draw either Anglo's board or its key shareholders," Liberum analyst Ben Davis said. After BHP's offer, he raised Anglo's price target to 27.50 pounds ($34.41), a near 25% bump from the stock&#8217;s closing price before the offer was officially made public.
Jefferies analysts went higher, saying a price of at least 28 pounds ($35.04) per share would be required for serious discussions between the companies, and a takeout price north of 30 pounds ($37.54) per share would be the outcome of a bidding war.
"If BHP does indeed continue to pursue this deal, we would be surprised if other bidders do not emerge," the company said. "Let the games begin."
The RBC Capital Markets analysts pegged diversified miner Glencore (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GLNCY#OTC">GLNCY</a>) as one logical bidder because of the potential advantages in combining the companies' copper assets. The company also listed Vale (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VALE#NYSE">VALE</a>) as a possibility because of the attractiveness of combining iron ore assets in Brazil. 
Davis pointed to diversified multinational miner&nbsp;Rio Tinto&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RIO#NYSE">RIO</a>) as his top pick for an interloper, although he noted the company has a reputation for preferring to build mines rather than buy them.
<h1 class="wp-block-heading">Gold Miners Expand Copper Holdings</h1>
One reason why copper acquisitions are attractive is that building new copper mines from scratch is expensive and time-consuming.
That's especially true in the U.S., where getting a permit is difficult, or in other jurisdictions such as Panama, where a court ruling recently forced the closure of a huge copper mine after local protests, said&nbsp;Jason Crawshaw, portfolio manager at&nbsp;Polaris Capital, which invests in copper miners&nbsp;Lundin Mining Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/LUNMF#OTC">LUNMF</a>) and Antofagasta (OTC:<a class="ticker" href="https://www.benzinga.com/stock/ANFGF#OTC">ANFGF</a>).
"There is a scramble for assets," he told Benzinga. "Everybody is always looking to get more exposure to copper."
Even gold miners have been interested in bulking up on copper assets.&nbsp;
Last year, U.S.-based gold mining major&nbsp;Newmont Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEM#NYSE">NEM</a>) bought Australian gold miner Newcrest Mining Ltd. for nearly $17 billion, adding nearly 50 billion pounds of copper reserves and resources in one fell swoop.
Meanwhile, Canada-headquartered rival&nbsp;Barrick Gold Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOLD#NYSE">GOLD</a>) is spending nearly $2 billion to expand a copper mine in Zambia, targeting expanded plant production in 2028.&nbsp;
Investors looking for diverse exposure to copper producers can consider the&nbsp;Global X Copper Miners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/COPX#NYSE">COPX</a>),&nbsp;Sprott Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPP#NASDAQ">COPP</a>),&nbsp;Sprott Junior Copper Miners ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COPJ#NASDAQ">COPJ</a>)&nbsp;and&nbsp;iShares Copper and Metals Mining ETF&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICOP#NASDAQ">ICOP</a>).
Now Read: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/03/37924793/rising-copper-prices-portfolio-review-make-underperforming-anglo-american-stock-a-p">Rising Copper Prices, Portfolio Review Make Underperforming Anglo American Stock A Potential Bargain: Report (CORRECTED)</a>
Photo: Anglo American copper mine in Chile courtesy of Anglo American Flickr

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Copper Is A Hot Commodity: Bidding War for Anglo American May Emerge After BHP's 'Low Ball' Offer — 'Let The Games Begin'

This dividend, in the amount of&nbsp;$0.46&nbsp;per share, is payable on&nbsp;May 24, 2024&nbsp;to shareholders of record on&nbsp;May 10, 2024. This dividend rate equates to an annualized dividend of&nbsp;$1.84&nbsp;per share.&nbsp;

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Community Healthcare Trust Increases Dividend From $0.4575 To $0.46 Per Share

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Intel CEO Said Foundry Business Will See Sequential Improvement In Every Quarter Till 2030- Conf Call

Aptar Currently Expects Q2 EPS, Ex Any Restructuring Expenses, Changes In Fair Value Of Equity Investments And Acquisition Costs, Of $1.30-$1.38, Est $1.36

Marathon Digital Holdings Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MARA#NASDAQ">MARA</a>) shares are moving higher after the bell on Thursday after the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) miner announced an <a href="https://www.benzinga.com/pressreleases/24/04/g38445157/marathon-digital-holdings-increases-2024-hash-rate-target-to-50-exahash">increase to its hash rate target</a>.
What Happened: After the market close on Thursday, Marathon Digital said it&#8217;s increasing its hash rate target for fiscal-year 2024 from a previous range of 35 EH/s to 37 EH/s to a new target of 50 EH/s.
The bitcoin mining company began the year with approximately 24.7 EH/s&nbsp;and had been targeting growth of approximately 46% by year&#8217;s end. Marathon said it&#8217;s raising its new target based on current machine orders and available capacity following recent acquisitions.
&#8220;Given the amount of capacity we have available following our recent acquisitions and the amount of hash rate we have access to through current machine orders and options, we now believe it is possible for us to double the scale of Marathon&#8217;s mining operations in 2024 and achieve 50 exahash by the end of the year,&#8221; said Fred Thiel, chairman and CEO of Marathon Digital.
&#8220;With our current liquidity position, this growth target is also fully funded and there is no need for us to raise additional capital to achieve our objective.&#8221;
Marathon noted that it will provide further information on its new hash rate target when it reports earnings on May 9. Analysts expect the company to report earnings of 22 cents per share on revenue of $180.69 million, according to estimates from<a href="http://pro.benzinga.com"> Benzinga Pro</a>.
Check This Out: <a href="https://www.benzinga.com/markets/cryptocurrency/24/04/38442912/bitcoins-consolidation-phase-best-met-with-zoom-out-perspective-patience-approach-says-tra">Bitcoin&#8217;s Consolidation Phase Best Met With &#8216;Zoom Out, Perspective, Patience&#8217; Approach, Says Trader</a>
MARA Price Action: <a href="https://www.benzinga.com/quote/MARA">Marathon Digital shares</a> were up 5.15% after hours at $19.98 at the time of publication, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

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MARA

Why Bitcoin Mining Stock Marathon Digital Is Moving Higher After Hours

CORRECTION: L3Harris Technologies Sees FY24 Adj. EPS $12.70-$13.05 Vs $12.71 Estimate, $12.40-$12.80 Prior

AptarGroup (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ATR#NYSE">ATR</a>) reported quarterly earnings of $1.26 per share which beat the analyst consensus estimate of $1.15 by 9.57 percent. This is a 31.25 percent increase over earnings of $0.96 per share from the same period last year. The company reported quarterly sales of $915.448 million which beat the analyst consensus estimate of $890.329 million by 2.82 percent. This is a 6.44 percent increase over sales of $860.067 million the same period last year.

AptarGroup Q1 2024 Adj EPS $1.26 Beats $1.15 Estimate, Sales $915.448M Beat $890.329M Estimate

NVDA

Microsoft CEO Said More Than 65% Of Fortune 500 Companies Use Azure OpenAI Service;  Sees Acceleration In  Number Of Large Azure Deals -Conf Call

Tenaris (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TS#NYSE">TS</a>) reported quarterly earnings of $1.27 per share which beat the analyst consensus estimate of $0.95 by 33.68 percent. This is a 33.51 percent decrease over earnings of $1.91 per share from the same period last year. The company reported quarterly sales of $3.442 billion which beat the analyst consensus estimate of $3.375 billion by 1.97 percent. This is a 16.88 percent decrease over sales of $4.141 billion the same period last year.

Tenaris Q1 2024 GAAP EPS $1.27 Beats $0.95 Estimate, Sales $3.442B Beat $3.375B Estimate

USCB Financial Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USCB#NASDAQ">USCB</a>) reported quarterly earnings of $0.23 per share which beat the analyst consensus estimate of $0.21 by 9.52 percent. This is a 20.69 percent decrease over earnings of $0.29 per share from the same period last year. The company reported quarterly sales of $17.622 million which beat the analyst consensus estimate of $17.175 million by 2.60 percent. This is a 2.46 percent decrease over sales of $18.067 million the same period last year.

USCB

USCB Financial Holdings Q1 2024 Adj EPS $0.23 Beats $0.21 Estimate, Sales $17.622M Beat $17.175M Estimate

GXO Logistics Reports Pricing Of $1.1B Notes Offering

Amazon.com Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) shares are trading higher in Thursday&#8217;s after-hours session following a pair of blowout quarters from mega-cap peers Microsoft Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) and <a href="https://www.benzinga.com/news/earnings/24/04/38445001/alphabet-q1-earnings-revenue-beat-eps-beat-70b-buyback-first-ever-dividend-ai-leadership-and-more">Alphabet Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>).</a>
<h2 class="wp-block-heading">What Happened With Microsoft?</h2>
Microsoft beat analyst estimates on the top and bottom lines when it reported earnings after the bell on Thursday. The company said third-quarter revenue increased 17% year-over-year to $61.9 billion, versus estimates of $60.804 billion. Microsoft reported quarterly earnings of $2.94 per share, versus estimates of $2.82 per share. Shares were up more than 4% at last check.
&#8220;Microsoft Copilot and Copilot stack are orchestrating a new era of AI transformation, driving better business outcomes across every role and industry," said Satya Nadella, chairman and CEO of Microsoft.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/04/38444199/microsoft-q3-earnings-revenue-beat-eps-beat-new-era-of-ai-transformation-and-more">Microsoft Q3 Earnings: Revenue Beat, EPS Beat, &#8216;New Era Of AI Transformation&#8217; And More</a>
<h2 class="wp-block-heading">What Happened With Alphabet?</h2>
Google parent Alphabet said its first-quarter revenue increased 15% year-over-year to $80.539 billion, beating the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a> of $78.594 billion. The company reported quarterly earnings of $1.89 per share, beating analyst estimates of $1.51 per share.
&#8220;Our results in the first quarter reflect strong performance from Search, YouTube and Cloud. We are well under way with our Gemini era and there&#8217;s great momentum across the company. Our leadership in AI research and infrastructure, and our global product footprint, position us well for the next wave of AI innovation,&#8221; said Sundar Pichai, CEO of Alphabet.
Alphabet&#8217;s board also authorized an additional share repurchase program of up to $70 billion and announced its first-ever quarterly dividend of 20 cents per share. Alphabet shares were up approximately 13.5% at the time of writing.
Don&#8217;t Miss: <a href="https://www.benzinga.com/news/earnings/24/04/38445001/alphabet-q1-earnings-revenue-beat-eps-beat-70b-buyback-first-ever-dividend-ai-leadership-and-more">Alphabet Q1 Earnings: Revenue Beat, EPS Beat, $70B Buyback, First-Ever Dividend, AI Leadership And More</a>
<h2 class="wp-block-heading">What To Expect From Amazon</h2>
Amazon shares faced selling pressure throughout the day on Thursday after Meta Platforms Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/META#NASDAQ">META</a>) shares <a href="https://www.benzinga.com/news/earnings/24/04/38430266/meta-platforms-stock-is-tumbling-thursday-whats-going-on">sold off on earnings</a>. Weakness spread to several other mega-cap tech stocks as fears over earnings mounted. Amazon stock is bouncing back after hours after Microsoft and Alphabet eased investor concerns.
Amazon is scheduled to report its <a href="https://www.benzinga.com/calendars/earnings">first-quarter financial results</a> after the market close on April 30. The company is expected to report earnings of 83 cents per share on revenue of $142.495 billion, according to estimates from <a href="http://pro.benzinga.com">Benzinga Pro</a>.
AMZN Price Action: Amazon shares closed Thursday&#8217;s regular session down 1.65%. The stock was up 3.07% after hours at $178.98 at the time of publication, per <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Photo: Shutterstock.

GOOG

Amazon Stock Is Rising Thursday: What's Going On?

Western Digital Corporation&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WDC#NASDAQ">WDC</a>)&nbsp;reported third-quarter financial results after the bell on Thursday. Here's a&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38443501/western-digital-reports-fiscal-third-quarter-2024-financial-results" rel="noreferrer noopener">look at the highlights</a>.
Western Digital reported earnings of 63 cents per share, which is&nbsp;not comparable to the consensus of 20 cents. It clocked quarterly sales of $3.46 billion, beating the $3.36 billion analyst&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">consensus estimate</a>.&nbsp;
Cloud revenue of $1.55 billion represented 45% of total revenue, with its growth primarily attributed to higher nearline shipments and improved nearline per unit pricing&nbsp;with flash&nbsp;revenue up both sequentially and&nbsp;year-over-year.&nbsp;
Client revenue of $1.17 billion represented 34% of total revenue. Sequentially, the increase in flash ASP&nbsp;more than&nbsp;offset a decline in flash bit shipments while HDD revenue decreased. The year-over-year increase&nbsp;was driven&nbsp;by growth in both flash and HDD ASPs and flash bit shipments.
Consumer revenue of $730 million represented 21% of total revenue.&nbsp;Sequentially,&nbsp;both flash and HDD were down at approximately similar rates and in line with seasonality.&nbsp;The year-over-year increase&nbsp;was driven&nbsp;by growth in flash bit shipments and ASP.
"As evidenced by our excellent third quarter results, Western Digital continues improving through-cycle profitability and dampening business cycles by leveraging our strategy of developing a diversified portfolio of industry-leading products across a broad range of end markets," said&nbsp;David Goeckeler, Western Digital CEO.&nbsp;
Outlook:&nbsp;Western Digital expects fourth-quarter earnings between 90 cents and $1.20 per share versus the 84 cents estimate. It forecasts fourth-quarter revenue of $3.6 billion to $3.8 billion versus the $3.69 billion estimate.&nbsp;
"We are in the early innings of unlocking the full potential of this company, and as industry supply and demand dynamics continue to improve, we will remain disciplined around our capital spending and focused on driving innovation and efficiency across our businesses," said Goeckeler.&nbsp;
Related News:&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/04/38441140/s-p-global-reports-q1-results-raises-revenue-guidance" rel="noreferrer noopener">S&amp;P Global Reports Q1 Results, Raises Revenue Guidance</a>
WDC Price Action:&nbsp;According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, Western Digital shares are down 1.07% after-hours at $68.70 at the time of publication Thursday.
Photo via Wikimedia Commons

After-Hours Center

Tech

Western Digital Q3 Earnings: Revenue Beat, Higher ASP, Upbeat Q4 Guidance And More

Customers Bancorp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CUBI#NYSE">CUBI</a>) reported quarterly earnings of $1.42 per share which missed the analyst consensus estimate of $1.63 by 12.88 percent. This is a 10.13 percent decrease over earnings of $1.58 per share from the same period last year. The company reported quarterly sales of $160.385 million which missed the analyst consensus estimate of $167.861 million by 4.45 percent. This is a 7.00 percent increase over sales of $149.899 million the same period last year.

Earnings Misses

CUBI

Customers Bancorp Q1 2024 Adj EPS $1.42 Misses $1.63 Estimate, Sales $160.385M Miss $167.861M Estimate

Biohaven's Bounce Back: A Missed Call Turns Bullish (Rating Upgrade)

Wells Fargo screens for momentum names to play and contrarian plays to avoid

Corinne Johnson, an analyst from Goldman Sachs, has initiated a new Buy rating on Immunovant (IMVT). Corinne Johnson's rating is based on the promi...

Immunovant Inc.: A Strong Buy on IMVT-1402's Market Potential and Upcoming Clinical Catalysts

Immunovant Inc (IMVT) is up 2.15% today. IMVT has an Overall Score of 49. Find out what this means to you and get the rest of the rankings on IMVT!See Full IMVT ReportIMVT stock closed at $31.57 and is up $0.68 during pre-market trading. Pre-market tends to be more volatile due to significantly lower volume as most investo

Premarket Mover: Immunovant Inc (IMVT) Up 2.15%

In a report released today, Sam Slutsky from LifeSci Capital maintained a Buy rating on Immunovant (IMVT – Research Report), with a price target of...

Buy Rating for Immunovant Amidst Strong Market Position and Promising Batoclimab Trials

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Some of the market&rsquo;s favorite <a href="https://investorplace.com/industries/healthcare/biotech/">biotech stocks</a> have created immense wealth, as in the recent weight-loss drug stock boom.&nbsp;



On May 26,&nbsp;Viking Therapeutics&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/vktx-stock-quote/">VKTX</a>) was trading&nbsp;<a href="https://investorplace.com/2023/05/3-biotech-stocks-sitting-on-huge-upside-catalysts/">around $20.25</a>. Today, after hitting a high of $99.41, it trades at $69.55 &ndash; again &ndash; an impressive opportunity. Or, look at&nbsp;Eli Lilly&nbsp;(NYSE:<a href="https://investorplace.com/stock-quotes/lly-stock-quote/">LLY</a>).&nbsp;<a href="https://investorplace.com/2023/05/3-biotech-stocks-sitting-on-huge-upside-catalysts/">In May 2022</a>, it traded near $375. Now, after hitting a high of $784, it&rsquo;s at $770.



That, plus&nbsp;innovation, demand for better treatment, pharmaceutical companies strengthening pipelines, and a resurgence of M&amp;A,&nbsp;biotech stocks&nbsp;could offer some of the most explosive opportunities.



Also,&nbsp;according to Market.us, the global biotech market that was valued at $1.023 trillion in 2022 could be worth over <a href="https://finance.yahoo.com/news/biotechnology-market-anticipates-soaring-staggering-123200858.html">$3.67 trillion by 2032</a>.



With plenty of catalysts ahead, let&rsquo;s examine three more of the market&rsquo;s favorite biotech stocks to buy and hold today.



<h2>Terns Pharmaceuticals (TERN)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/08/pharmaceutical1600-300x169.png" alt="pharmaceutical industry. Production line machine conveyor with glass bottles ampoules at factory"><div>Source: Dmitry Kalinovsky / Shutterstock.com</div></div>Investors may want to keep an eye on&nbsp;Terns Pharmaceuticals&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/tern-stock-quote/">TERN</a>). While it already ran from a low of $3.50 to $6.60, it offers plenty of future upside potential.



The clinical-stage biopharmaceutical company owns a portfolio of small-molecule product candidates to address serious diseases, including oncology and obesity.&nbsp;It expects to post data from its <a href="https://seekingalpha.com/news/4079774-terns-to-report-phase-1-data-on-glp-1-drug-in-2h-2024">Phase 1 study</a>&nbsp;for its oral GLP-1 obesity drug TERN-601 in the second half of the year.&nbsp;As we near that data, expect TERN to run even more. 



Further, the company has $263.3 million in cash on hand. That&rsquo;s sufficient to support its expenses through 2026.&nbsp;



Outside of obesity, the&nbsp;U.S. Food and Drug Administration (FDA) just granted orphan <a href="https://www.onclive.com/view/tern-701-receives-fda-orphan-drug-designation-in-cml">drug designation</a> for its TERN-701&nbsp;treatment of&nbsp;chronic myeloid leukemia. This treatment is currently in Phase 1 clinical development with interim data expected in the second half of the year.&nbsp;



<h2>Immunovant (IMVT)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/11/shutterstock_1667119063-300x169.png" alt="Pipette adding fluid to one of several test tubes; biotech NVTA Stock"><div>Source: motorolka / Shutterstock.com</div></div>Another one of the Street&rsquo;s favorite biotech stocks is&nbsp;Immunovant&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/imvt-stock-quote/">IMVT</a>), where recent weakness is an opportunity.



First, analysts see promise in the company&rsquo;s lead drug candidate, batoclimab, for issues such as thyroid eye disease and myasthenia gravis. Next, the company just noted that a &ldquo;Phase 3 trial of&nbsp;batoclimab showed that the monoclonal antibody led to sustained improvement for patients with&nbsp;generalized myasthenia gravis&nbsp;(gMG), as compared with placebo,&rdquo;&nbsp;<a href="https://www.ajmc.com/view/batoclimab-outperforms-placebo-in-phase-3-generalized-mg-trial">according to AJMC.com</a>.



Also,&nbsp;LifeSci analysts are maintaining <a href="https://markets.businessinsider.com/news/stocks/buy-rating-for-immunovant-amidst-strong-market-position-and-promising-batoclimab-trials-1033186547#:~:text=In%20a%20report%20released%20today,for%20treating%20autoantibody%2Dmediated%20diseases.">a buy rating</a> on IMVT and a $53 price target. Goldman Sachs initiated coverage with a buy rating with a $50 target.



&ldquo;Goldman Sachs has projected peak sales for IMVT-1402 [a potential treatment of IgG-mediated autoimmune diseases] to reach $4.4 billion, assuming the drug&rsquo;s efficacy aligns with that of the most advanced competitors. However, the firm also suggests there could be an upside potential of up to $6.2 billion in peak sales if IMVT-1402 proves to be best-in-class in terms of efficacy,&rdquo; <a href="https://www.investing.com/news/stock-market-news/goldman-sachs-sets-50-target-on-immunovant-shares-sees-upside-93CH-3336526">noted by Investing.com</a>.



Even George <a href="https://finance.yahoo.com/news/10-stocks-george-soros-insiders-110444100.html">Soros is a fan</a> of the stock, holding a $6 million stake in IMVT. Steven Cohen&rsquo;s Point72 also just bought 2.67 million shares of IMVT, as noted by Hedge Follow.



<h2>ProShares Ultra NASDAQ Biotechnology ETF (BIB)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/05/etf-blocks-1600-300x169.jpg" alt='the word "etf" spelled out in many yellow cubes against a background of many black cubes'><div>Source: shutterstock.com/Imagentle</div></div>Or, if you&rsquo;d prefer to gain exposure to 225 biotech stocks at a low cost, examine&nbsp;the ProShares Ultra NASDAQ Biotechnology ETF&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/bib-stock-quote/">BIB</a>).&nbsp;



With an <a href="https://www.proshares.com/our-etfs/leveraged-and-inverse/bib">expense ratio of 0.95%</a>,&nbsp;the fund seeks daily investment results of two times the daily performance of the&nbsp;Nasdaq Biotechnology Index. Since November, the ETF ran from a low of $41.74 to a recent high of $62. Now at $57.81, I&rsquo;d like to see the BIB ETF closer to $70 near-term and $100 over the long haul.



Some of BIB&rsquo;s top holdings include&nbsp;Amgen&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/amgn-stock-quote/">AMGN</a>),&nbsp;Biogen&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/biib-stock-quote/">BIIB</a>),&nbsp;Gilead Sciences&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/gild-stock-quote/">GILD</a>) and&nbsp;Vertex Pharmaceuticals&nbsp;(NASDAQ:<a href="https://investorplace.com/stock-quotes/vrtx-stock-quote/">VRTX</a>).



What&rsquo;s nice about an ETF like the BIB is that we can gain exposure to a good deal of solid biotech stocks. All will be impacted by the catalysts mentioned earlier. And instead of paying $27,600 for 100 shares of Amgen, for example, we can pay $5,600 for 100 shares of an ETF that exposes us to AMGN. It&rsquo;s cheaper and safer.



On the date of publication, Ian Cooper did not hold (either directly or indirectly) any positions in the securities mentioned. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/">Publishing Guidelines</a>.
<div>Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.</div><h3>More From InvestorPlace</h3>
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AAPL

ACLX

AMGN

ASND

AZNCF

BHVN

BIIB

BPMC

CHRW

CYBR

DELL

DOCU

ESTC

ETSY

EXAS

EXPD

FOXA

GILD

GPCR

GRND

ICLR

INFA

IRTC

ISRG

LEGN

MTUM

NEOG

NTRA

RCKT

RGEN

ROKU

SGRY

SWAV

TERN

TOST

TROW

TSLA

UBER

VKTX

VRTX

XENE

Press Releases

Immunovant Reports Financial Results and Provides Corporate Updates for the Quarter Ended September 30, 2023

Immunovant to Present at Upcoming Investor Conferences

Immunovant Announces Positive IMVT-1402 Initial 600 mg MAD Results that Confirm Best-in-Class Potential

Roivant Announces Positive IMVT-1402 Initial 600 mg MAD Results that Confirm Best-in-Class Potential

Roivant Reports Positive Initial Phase 2 Results for Batoclimab in Graves' Disease

Immunovant Reports Positive Initial Phase 2 Results for Batoclimab in Graves' Disease