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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given an average recommendation of “Hold” by the eleven analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $37.3333.

Several brokerages have recently commented on IMVT. Truist Financial lifted their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. HC Wainwright lifted their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Bank of America lifted their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. The Goldman Sachs Group boosted their price target on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $35.34 on Monday. Immunovant has a 12 month low of $14.32 and a 12 month high of $36.28. The stock has a 50 day moving average of $30.23 and a 200-day moving average of $27.26. The company has a market capitalization of $7.26 billion, a P/E ratio of -12.71 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the company posted ($0.64) earnings per share. Analysts predict that Immunovant will post -2.65 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Andrew J. Fromkin sold 221,951 shares of the business’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total value of $7,437,578.01. Following the completion of the sale, the director directly owned 74,382 shares in the company, valued at $2,492,540.82. The trade was a 74.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Robert Graham Susman sold 2,502 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $27.17, for a total value of $67,979.34. Following the completion of the sale, the director owned 36,394 shares of the company’s stock, valued at $988,824.98. This trade represents a 6.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 297,215 shares of company stock worth $9,481,453 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Several institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in Immunovant in the 4th quarter valued at $25,000. Strs Ohio acquired a new position in Immunovant in the 1st quarter valued at $27,000. Aster Capital Management DIFC Ltd acquired a new position in Immunovant in the 3rd quarter valued at $33,000. PNC Financial Services Group Inc. raised its holdings in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares in the last quarter. Finally, Quarry LP raised 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 acquiring an additional 1,461 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.