Immunovant, Inc. (NASDAQ:IMVT) Receives Consensus Rating of “Hold” from Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given a consensus rating of “Hold” by the eleven analysts that are presently covering the company, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $39.70.

A number of equities research analysts have issued reports on IMVT shares. Bank of America upped their price objective on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. The Goldman Sachs Group raised their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Truist Financial lifted their price objective on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Guggenheim boosted their price objective on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Finally, HC Wainwright increased their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st.

Insider Activity at Immunovant

In related news, COO Melanie Gloria sold 17,714 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $678,623.34. Following the sale, the chief operating officer directly owned 224,393 shares of the company’s stock, valued at $8,596,495.83. This represents a 7.32% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Andrew J. Fromkin sold 221,951 shares of the business’s stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $33.51, for a total value of $7,437,578.01. Following the transaction, the director owned 74,382 shares of the company’s stock, valued at $2,492,540.82. This trade represents a 74.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 355,826 shares of company stock worth $12,262,730 in the last three months. 1.80% of the stock is owned by insiders.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently made changes to their positions in IMVT. RTW Investments LP purchased a new stake in shares of Immunovant during the fourth quarter valued at $80,781,000. Morgan Stanley boosted its position in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares during the period. Jennison Associates LLC grew its stake in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC grew its stake in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after acquiring an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP increased its position in shares of Immunovant by 400.0% during the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after acquiring an additional 1,100,000 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Price Performance

Shares of IMVT opened at $39.53 on Friday. The business’s 50 day simple moving average is $35.23 and its 200-day simple moving average is $29.41. Immunovant has a 1 year low of $14.32 and a 1 year high of $41.23. The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of -14.22 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the previous year, the company posted ($0.64) EPS. On average, sell-side analysts expect that Immunovant will post -2.65 earnings per share 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.