Immunovant, Inc. (NASDAQ:IMVT) Receives Average Recommendation of “Buy” from Analysts

Immunovant, Inc. (NASDAQ:IMVT) has received an average rating of “Buy” from the seventeen analysts that are currently covering the company, Marketbeat Ratings reports. Seventeen investment analysts have rated the stock with a buy rating. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $48.75.

A number of research firms have issued reports on IMVT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Tuesday, June 18th. Oppenheimer decreased their price target on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Thursday, May 30th. Truist Financial restated a “buy” rating and issued a $48.00 price objective on shares of Immunovant in a report on Monday, March 25th. Finally, The Goldman Sachs Group assumed coverage on shares of Immunovant in a research note on Wednesday, March 13th. They set a “buy” rating and a $50.00 target price for the company.

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 4,042 shares of the 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 $119,845.30. Following the completion of the sale, the chief financial officer now directly owns 355,414 shares of the company’s stock, valued at approximately $10,538,025.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Eva Renee Barnett sold 4,042 shares of Immunovant stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total value of $119,845.30. Following the sale, the chief financial officer now owns 355,414 shares of the company’s stock, valued at $10,538,025.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Salzmann sold 4,807 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the transaction, the chief executive officer now owns 1,086,958 shares in the company, valued at $33,891,350.44. The disclosure for this sale can be found here. Insiders have sold a total of 99,948 shares of company stock valued at $2,936,889 over the last quarter. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Immunovant

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Immunovant by 11.2% in the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after acquiring an additional 650,506 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Immunovant in the 4th quarter valued at about $112,356,000. Alpine Global Management LLC lifted its stake in shares of Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after purchasing an additional 484,332 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Immunovant by 16.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after buying an additional 259,481 shares in the last quarter. Finally, Armistice Capital LLC grew its position in Immunovant by 38.6% during the fourth quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock worth $60,499,000 after buying an additional 400,123 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Price Performance

Immunovant stock opened at $26.06 on Thursday. The firm has a 50 day simple moving average of $27.99 and a 200-day simple moving average of $33.62. The stock has a market cap of $3.81 billion, a price-to-earnings ratio of -13.72 and a beta of 0.67. Immunovant has a 1-year low of $18.16 and a 1-year high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same quarter last year, the business posted ($0.46) EPS. Equities analysts expect that Immunovant will post -2.11 earnings per share for the current fiscal year.

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.