Bank of America Issues Pessimistic Forecast for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its price objective decreased by Bank of America from $38.00 to $33.00 in a research note published on Thursday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Other equities analysts have also issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 target price on the stock. HC Wainwright reaffirmed a “buy” rating and set a $51.00 target price on shares of Immunovant in a research report on Wednesday. Wells Fargo & Company reduced their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Finally, Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One research 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. Based on data from MarketBeat, Immunovant has a consensus rating of “Buy” and a consensus target price of $41.70.

Immunovant Price Performance

Shares of NASDAQ IMVT opened at $19.64 on Thursday. The company has a market cap of $3.34 billion, a P/E ratio of -7.50 and a beta of 0.68. Immunovant has a 1 year low of $17.01 and a 1 year high of $34.47. The firm has a 50-day simple moving average of $20.86 and a two-hundred day simple moving average of $25.68.

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

Insider Activity at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 4,105 shares of Immunovant 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 transaction, the chief financial officer now directly owns 327,064 shares of the company’s stock, valued at approximately $7,882,242.40. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the transaction, the chief executive officer now directly owns 972,992 shares in the company, valued at $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock valued at $813,686 over the last ninety days. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in Immunovant by 7.4% in the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after purchasing an additional 22,990 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after purchasing an additional 91,259 shares during the last quarter. Principal Financial Group Inc. lifted its stake in shares of Immunovant by 69.9% during 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 period. ABC Arbitrage SA acquired a new stake in shares of Immunovant during the fourth quarter worth $734,000. Finally, State Street Corp lifted its stake in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares during the period. 47.08% of the stock is 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.