Immunovant’s (IMVT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Tuesday,Benzinga reports. HC Wainwright currently has a $35.00 price target on the stock. HC Wainwright also issued estimates for Immunovant’s FY2030 earnings at $2.91 EPS.

A number of other equities research analysts also recently issued reports on IMVT. The Goldman Sachs Group boosted their price target on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 6th. Truist Financial raised their price target on Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. Finally, Guggenheim boosted their price objective on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and an average price target of $31.11.

Immunovant Stock Down 1.2%

NASDAQ:IMVT opened at $25.64 on Tuesday. Immunovant has a 52 week low of $12.72 and a 52 week high of $27.92. The stock’s fifty day moving average is $25.92 and its two-hundred day moving average is $20.99. The company has a market capitalization of $5.22 billion, a P/E ratio of -9.53 and a beta of 0.54.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same period last year, the company earned ($0.76) EPS. Sell-side analysts anticipate that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Melanie Gloria sold 12,626 shares of the business’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the transaction, the chief operating officer directly owned 173,511 shares of the company’s stock, valued at $4,098,329.82. The trade was a 6.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Jay S. Stout sold 1,977 shares of the company’s stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the sale, the chief technology officer owned 197,634 shares in the company, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 63,868 shares of company stock valued at $1,538,470. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Deep Track Capital LP raised its holdings in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock valued at $156,829,000 after acquiring an additional 228,845 shares in the last quarter. Vanguard Group Inc. grew its holdings in Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock worth $197,750,000 after acquiring an additional 952,504 shares in the last quarter. Armistice Capital LLC grew its holdings in Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after acquiring an additional 636,000 shares in the last quarter. Two Seas Capital LP increased its position in shares of Immunovant by 3.8% in the 4th quarter. Two Seas Capital LP now owns 2,866,962 shares of the company’s stock valued at $72,878,000 after purchasing an additional 104,922 shares during the last quarter. Finally, Alpine Global Management LLC raised its holdings in shares of Immunovant by 4.9% in the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after purchasing an additional 128,039 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Company Profile

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.