Immunovant (NASDAQ:IMVT) Research Coverage Started at Sanford C. Bernstein

Sanford C. Bernstein initiated coverage on shares of Immunovant (NASDAQ:IMVT) in a report released on Friday, MarketBeat Ratings reports. The firm issued a market perform rating and a $28.00 price objective on the stock.

A number of other research firms have also commented on IMVT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Truist Financial raised their target price on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research report on Tuesday, February 10th. Guggenheim upped their price target on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 6th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $32.00.

Immunovant Trading Down 2.8%

NASDAQ:IMVT opened at $22.98 on Friday. Immunovant has a 1 year low of $12.72 and a 1 year high of $29.25. The firm’s fifty day simple moving average is $26.09 and its 200 day simple moving average is $22.99. The firm has a market capitalization of $4.68 billion, a PE ratio of -8.54 and a beta of 0.61.

Immunovant (NASDAQ:IMVT) last announced its earnings results 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 quarter in the prior year, the company posted ($0.76) earnings per share. As a group, analysts anticipate that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Activity

In related news, insider Tuyl Christopher Van sold 2,877 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $24.97, for a total transaction of $71,838.69. Following the transaction, the insider directly owned 147,053 shares in the company, valued at $3,671,913.41. The trade was a 1.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Jay S. Stout sold 1,977 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the transaction, the chief technology officer directly owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 6,057 shares of company stock valued at $155,216. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

Several institutional investors have recently modified their holdings of IMVT. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant in the fourth quarter valued at $25,000. Strs Ohio bought a new position in Immunovant in the first quarter worth $27,000. Aster Capital Management DIFC Ltd acquired a new stake in Immunovant during the third quarter worth $33,000. PNC Financial Services Group Inc. boosted its stake in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares in the last quarter. Finally, Quarry LP increased its holdings in Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.