The Goldman Sachs Group Boosts Immunovant (NASDAQ:IMVT) Price Target to $28.00

Immunovant (NASDAQ:IMVT) had its price objective upped by equities research analysts at The Goldman Sachs Group from $18.00 to $28.00 in a research note issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price target would suggest a potential upside of 5.22% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Immunovant in a research report on Thursday, September 4th. Truist Financial began coverage on Immunovant in a research report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 price target on the stock. Finally, JPMorgan Chase & Co. dropped their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.89.

Immunovant Stock Performance

IMVT stock opened at $26.61 on Monday. Immunovant has a 52 week low of $12.72 and a 52 week high of $28.08. The company has a market capitalization of $4.66 billion, a PE ratio of -9.37 and a beta of 0.56. The company’s 50-day simple moving average is $22.10 and its 200 day simple moving average is $18.23.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter in the previous year, the company earned ($0.74) EPS. On average, analysts forecast that Immunovant will post -2.69 EPS for the current year.

Insiders Place Their Bets

In other Immunovant news, COO Melanie Gloria sold 12,626 shares of Immunovant stock in a transaction dated Thursday, November 20th. The stock was sold at an average price of $23.62, for a total value of $298,226.12. Following the transaction, the chief operating officer owned 173,511 shares in the company, valued at $4,098,329.82. The trade was a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Geffner sold 2,595 shares of the stock in a transaction dated Wednesday, October 22nd. The stock was sold at an average price of $19.03, for a total transaction of $49,382.85. Following the completion of the transaction, the insider directly owned 217,958 shares of the company’s stock, valued at $4,147,740.74. This trade represents a 1.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 57,847 shares of company stock valued at $1,308,023 over the last ninety days. 1.80% of the stock is owned by insiders.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Immunovant by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company’s stock valued at $118,551,000 after acquiring an additional 257,445 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in Immunovant by 11.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 626,612 shares of the company’s stock worth $10,709,000 after purchasing an additional 62,170 shares in the last quarter. Swiss National Bank raised its position in Immunovant by 30.6% in the first quarter. Swiss National Bank now owns 131,600 shares of the company’s stock valued at $2,249,000 after purchasing an additional 30,800 shares during the last quarter. Nuveen LLC bought a new position in Immunovant in the first quarter valued at about $3,999,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of Immunovant during the first quarter valued at about $229,000. Institutional investors own 47.08% of the company’s stock.

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.