Immunovant (NASDAQ:IMVT) Hits New 52-Week High Following Analyst Upgrade

Shares of Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week high on Friday after Truist Financial raised their price target on the stock from $16.00 to $22.00. Truist Financial currently has a hold rating on the stock. Immunovant traded as high as $27.79 and last traded at $27.7070, with a volume of 134934 shares traded. The stock had previously closed at $26.31.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. dropped their target price on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Tuesday, October 14th. The Goldman Sachs Group boosted their price objective on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday. Finally, Guggenheim reiterated a “buy” rating and issued a $41.00 target price on shares of Immunovant in a research report on Thursday, December 18th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $30.78.

Insider Transactions at Immunovant

In related news, insider Tuyl Christopher Van sold 10,813 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the sale, the insider owned 149,930 shares of the company’s stock, valued at approximately $4,034,616.30. This trade represents a 6.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Geffner sold 2,595 shares of the business’s stock in a transaction that occurred on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $49,382.85. Following the transaction, the insider owned 217,958 shares of the company’s stock, valued at $4,147,740.74. This represents a 1.18% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 67,006 shares of company stock valued at $1,584,347 over the last ninety days. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in shares of Immunovant during the first quarter worth about $27,000. Aster Capital Management DIFC Ltd acquired a new position in Immunovant during the 3rd quarter valued at about $33,000. Farther Finance Advisors LLC grew its position in Immunovant by 142,750.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock worth $46,000 after purchasing an additional 2,855 shares during the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after purchasing an additional 1,646 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after purchasing an additional 4,273 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Price Performance

The stock has a fifty day moving average price of $24.57 and a two-hundred day moving average price of $19.52. The company has a market cap of $4.56 billion, a P/E ratio of -9.17 and a beta of 0.57.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period in the previous year, the company posted ($0.74) EPS. As a group, analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.