Immunovant, Inc. (NASDAQ:IMVT) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have earned an average rating of “Moderate Buy” from the eleven analysts that are covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $30.7778.

Several research analysts have commented on the stock. Truist Financial upped their target price 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. JPMorgan Chase & Co. reduced their price objective on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. Guggenheim restated a “buy” rating and issued a $41.00 target price on shares of Immunovant in a research report on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Finally, The Goldman Sachs Group increased their price target on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 15th.

Insiders Place Their Bets

In related news, Director Douglas J. Hughes sold 15,000 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the transaction, the director owned 120,773 shares in the company, valued at $2,806,764.52. This represents a 11.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CTO Jay S. Stout sold 1,203 shares of the firm’s stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $26.53, for a total transaction of $31,915.59. Following the transaction, the chief technology officer directly owned 199,611 shares in the company, valued at approximately $5,295,679.83. The trade was a 0.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 61,891 shares of company stock valued at $1,487,009. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ADAR1 Capital Management LLC lifted its position in Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after purchasing an additional 1,706,687 shares during the period. Norges Bank bought a new stake in shares of Immunovant in the 2nd quarter worth $11,003,000. Armistice Capital LLC lifted its holdings in shares of Immunovant by 12.2% in the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after buying an additional 636,000 shares during the period. Two Seas Capital LP boosted its stake in Immunovant by 37.1% during the second quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock valued at $36,044,000 after buying an additional 610,000 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Immunovant by 2,086.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 463,600 shares of the company’s stock worth $7,418,000 after acquiring an additional 442,400 shares during the period. Institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

Shares of NASDAQ IMVT opened at $26.18 on Friday. The firm has a market capitalization of $4.59 billion, a PE ratio of -9.22 and a beta of 0.57. Immunovant has a 1-year low of $12.72 and a 1-year high of $27.80. The business’s fifty day moving average price is $25.07 and its two-hundred day moving average price is $20.11.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter in the prior year, the business earned ($0.74) EPS. Equities research analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal 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.