Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) PT at $38.33

Immunovant, Inc. (NASDAQ:IMVT) has been assigned an average rating of “Moderate Buy” from the ten analysts that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have updated their coverage on the stock in the last year is $38.33.

Several equities research analysts have recently commented on IMVT shares. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. HC Wainwright reissued a “buy” rating and issued a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Guggenheim restated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Finally, UBS Group restated a “neutral” rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a report on Tuesday.

Immunovant Stock Performance

NASDAQ:IMVT opened at $14.72 on Wednesday. Immunovant has a 1 year low of $12.72 and a 1 year high of $34.47. The stock has a fifty day moving average price of $17.50 and a two-hundred day moving average price of $23.12. The stock has a market capitalization of $2.50 billion, a price-to-earnings ratio of -5.62 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). On average, analysts predict that Immunovant will post -2.69 EPS for the current year.

Insider Buying and Selling

In related news, insider Michael Geffner sold 2,349 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $34,741.71. Following the transaction, the insider now directly owns 225,370 shares in the company, valued at approximately $3,333,222.30. This represents a 1.03 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the sale, the director now owns 91,913 shares of the company’s stock, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,682 shares of company stock worth $753,419. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunovant

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC boosted its holdings in shares of Immunovant by 4.5% in the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock valued at $324,435,000 after purchasing an additional 560,344 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Immunovant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after acquiring an additional 20,614 shares during the last quarter. Deep Track Capital LP grew its position in Immunovant by 38.0% during the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after acquiring an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. grew its position in Immunovant by 53.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock valued at $126,754,000 after acquiring an additional 1,786,217 shares during the period. Finally, Alpine Global Management LLC increased its stake in Immunovant by 14.7% during the fourth quarter. Alpine Global Management LLC now owns 2,158,904 shares of the company’s stock worth $53,476,000 after acquiring an additional 276,200 shares during the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.