HC Wainwright Reiterates “Buy” Rating for Immunovant (NASDAQ:IMVT)

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $51.00 price objective on the stock. HC Wainwright’s target price indicates a potential upside of 159.01% from the company’s previous close.

Several other research analysts have also recently commented on IMVT. Bank of America reduced their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Jefferies Financial Group initiated coverage on Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 target price for the company. Wells Fargo & Company reduced 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. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $41.70.

Immunovant Trading Up 4.3 %

IMVT opened at $19.69 on Wednesday. Immunovant has a 1-year low of $17.01 and a 1-year high of $35.97. The stock has a market capitalization of $3.34 billion, a price-to-earnings ratio of -7.52 and a beta of 0.68. The business has a 50 day moving average of $20.94 and a 200-day moving average of $25.79.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities analysts predict that Immunovant will post -2.69 EPS for the current year.

Insider Activity

In other Immunovant news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the stock in a transaction dated Monday, January 13th. The stock was bought at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the purchase, the director now owns 96,650,341 shares in the company, valued at $1,933,006,820. This represents a 21.11 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Eva Renee Barnett sold 4,105 shares of the firm’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $98,930.50. Following the completion of the sale, the chief financial officer now owns 327,064 shares of the company’s stock, valued at approximately $7,882,242.40. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,510 shares of company stock worth $813,686. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in IMVT. GF Fund Management CO. LTD. acquired a new stake in Immunovant in the fourth quarter worth about $76,000. Two Seas Capital LP increased its position in Immunovant by 123.4% in the fourth quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after purchasing an additional 835,000 shares during the period. Vestal Point Capital LP acquired a new stake in Immunovant in the fourth quarter worth about $1,115,000. Twinbeech Capital LP acquired a new stake in Immunovant in the fourth quarter worth about $314,000. Finally, Two Sigma Advisers LP acquired a new stake in Immunovant in the fourth quarter worth about $270,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.