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

Immunovant, Inc. (NASDAQ:IMVT) has earned an average rating of “Buy” from the eleven brokerages that are currently covering the company, MarketBeat reports. Eleven investment analysts have rated the stock with a buy recommendation. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $48.10.

Several brokerages have commented on IMVT. Raymond James reiterated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Monday, September 30th. UBS Group lowered their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Finally, Oppenheimer increased their price objective on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $29.88 on Wednesday. The company has a 50 day simple moving average of $30.02 and a two-hundred day simple moving average of $28.91. Immunovant has a fifty-two week low of $24.67 and a fifty-two week high of $45.58. The company has a market capitalization of $4.37 billion, a price-to-earnings ratio of -15.48 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the prior year, the company earned ($0.57) earnings per share. On average, analysts forecast that Immunovant will post -2.41 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at $10,009,429.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Immunovant news, CEO Peter Salzmann sold 4,460 shares of Immunovant stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the sale, the chief executive officer now owns 1,003,884 shares of the company’s stock, valued at $29,674,811.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $152,588.72. Following the transaction, the chief financial officer now owns 338,614 shares of the company’s stock, valued at $10,009,429.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,277 shares of company stock valued at $941,919. 5.90% of the stock is owned by company insiders.

Institutional Trading of Immunovant

Several hedge funds have recently made changes to their positions in IMVT. Vanguard Group Inc. grew 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. 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. Alpine Global Management LLC raised its holdings in Immunovant by 34.6% during the 1st quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after buying an additional 484,332 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in Immunovant by 16.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock valued at $60,163,000 after buying an additional 259,481 shares during the period. Finally, First Turn Management LLC lifted its position in Immunovant by 35.6% in the second quarter. First Turn Management LLC now owns 695,428 shares of the company’s stock worth $18,359,000 after buying an additional 182,535 shares during the last quarter. 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.