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

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Wednesday,Benzinga reports. They currently have a $51.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 174.21% from the stock’s previous close.

IMVT has been the subject of several other research reports. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Jefferies Financial Group started coverage on shares of Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company. Guggenheim restated a “buy” rating on shares of Immunovant in a research report on Monday, March 10th. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Finally, Bank of America reduced their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. 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 stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $42.90.

Immunovant Trading Down 1.0 %

IMVT traded down $0.19 on Wednesday, reaching $18.60. The company had a trading volume of 5,999,834 shares, compared to its average volume of 1,055,972. The company has a market capitalization of $3.16 billion, a P/E ratio of -7.08 and a beta of 0.68. The company has a fifty day moving average of $21.12 and a 200-day moving average of $25.88. Immunovant has a one year low of $15.02 and a one year high of $35.97.

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

Insider Activity at Immunovant

In other news, CFO Eva Renee Barnett sold 4,105 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $98,930.50. Following the completion of the transaction, the chief financial officer now directly owns 327,064 shares in the company, valued at $7,882,242.40. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Salzmann sold 5,105 shares of the firm’s 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 sale, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,510 shares of company stock worth $813,686 in the last 90 days. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. KBC Group NV grew its position in Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares in the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Immunovant during the 4th quarter worth approximately $76,000. Ameriprise Financial Inc. bought a new stake in shares of Immunovant during the fourth quarter valued at approximately $221,000. KLP Kapitalforvaltning AS bought a new stake in shares of Immunovant during the fourth quarter valued at approximately $268,000. Finally, Aigen Investment Management LP acquired a new position in shares of Immunovant in the fourth quarter valued at $270,000. Institutional investors own 47.08% of the company’s stock.

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.