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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given an average rating of “Moderate Buy” by the ten ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $47.22.

Several research analysts have recently issued reports on IMVT shares. Wells Fargo & Company decreased their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Raymond James reissued an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Oppenheimer increased their price target on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Friday, November 8th.

Immunovant Stock Down 0.6 %

Shares of IMVT stock opened at $23.48 on Monday. The stock has a fifty day moving average of $27.07 and a 200 day moving average of $28.61. The firm has a market capitalization of $3.45 billion, a price-to-earnings ratio of -10.58 and a beta of 0.66. Immunovant has a 52 week low of $23.08 and a 52 week high of $43.92.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the previous year, the company earned ($0.45) EPS. Equities research analysts anticipate that Immunovant will post -2.73 earnings per share for the current year.

Insider Activity at Immunovant

In other news, insider William L. Macias sold 3,188 shares of Immunovant stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $91,782.52. Following the completion of the sale, the insider now directly owns 365,144 shares in the company, valued at $10,512,495.76. The trade was a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Eva Renee Barnett sold 3,271 shares of the business’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $94,172.09. Following the transaction, the chief financial officer now directly owns 335,343 shares of the company’s stock, valued at $9,654,524.97. The trade was a 0.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,247 shares of company stock valued at $2,034,425. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC lifted its holdings in Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after acquiring an additional 2,053,688 shares during the period. Armistice Capital LLC increased its position in shares of Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after purchasing an additional 1,232,909 shares during the last quarter. Baker BROS. Advisors LP lifted its stake in shares of Immunovant by 163.7% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after purchasing an additional 760,692 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares during the last quarter. Finally, State Street Corp grew its position in Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.