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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have earned a consensus rating of “Moderate Buy” from the eleven research firms that are currently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $31.1111.

A number of analysts recently commented on IMVT shares. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research note on Tuesday, January 6th. Guggenheim raised their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, February 9th. The Goldman Sachs Group lifted their price target on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 15th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Finally, Truist Financial upped their price target on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th.

Insider Activity at Immunovant

In other Immunovant news, COO Melanie Gloria sold 12,626 shares of the business’s stock in a transaction that occurred 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Jay S. Stout sold 1,977 shares of Immunovant stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total transaction of $51,461.31. Following the transaction, the chief technology officer directly owned 197,634 shares of the company’s stock, valued at $5,144,413.02. The trade was a 0.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 63,868 shares of company stock valued at $1,538,470 in the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently bought and sold shares of IMVT. Morgan Stanley increased its holdings in Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the period. ADAR1 Capital Management LLC lifted its position in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares during the period. Vanguard Group Inc. lifted its holdings in Immunovant by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after acquiring an additional 952,504 shares during the period. State Street Corp increased its holdings in Immunovant by 30.9% in the fourth quarter. State Street Corp now owns 3,786,926 shares of the company’s stock valued at $96,264,000 after buying an additional 894,308 shares in the last quarter. Finally, Jennison Associates LLC acquired a new stake in Immunovant in the fourth quarter valued at approximately $17,806,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

NASDAQ:IMVT opened at $25.75 on Tuesday. Immunovant has a 1-year low of $12.72 and a 1-year high of $27.92. The business has a 50 day moving average of $26.03 and a 200 day moving average of $21.18. The company has a market capitalization of $5.24 billion, a price-to-earnings ratio of -9.57 and a beta of 0.54.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same period in the previous year, the company posted ($0.76) earnings per share. As a group, sell-side analysts anticipate that Immunovant will post -2.69 EPS for the current year.

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.