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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have received an average recommendation of “Moderate Buy” from the eleven analysts that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation and ten have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $47.00.

Several equities research analysts have recently weighed in on IMVT shares. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company decreased their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Oppenheimer upped their price target on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Raymond James restated an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Finally, Bank of America decreased their price objective on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday.

Insider Buying and Selling at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,740 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $80,912.20. Following the transaction, the chief technology officer now directly owns 142,186 shares in the company, valued at $4,198,752.58. This trade represents a 1.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark S. Levine sold 4,361 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $128,780.33. Following the sale, the insider now directly owns 322,878 shares of the company’s stock, valued at approximately $9,534,587.34. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 75,141 shares of company stock worth $1,907,091 over the last ninety days. Insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. boosted its stake in shares of Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock valued at $9,561,000 after purchasing an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the period. Principal Financial Group Inc. boosted 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 valued at $27,117,000 after purchasing an additional 391,436 shares during the period. Rubric Capital Management LP purchased a new stake in Immunovant in the second quarter worth $1,548,000. Finally, State Street Corp lifted its stake in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Stock Up 0.3 %

NASDAQ IMVT opened at $23.86 on Monday. The company has a market cap of $3.50 billion, a PE ratio of -10.75 and a beta of 0.66. Immunovant has a 52 week low of $22.41 and a 52 week high of $41.38. The firm’s 50-day simple moving average is $26.53 and its two-hundred day simple moving average is $28.50.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the company posted ($0.45) earnings per share. As a group, equities research analysts anticipate that Immunovant will post -2.75 EPS for the current year.

About Immunovant

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.