Immunovant’s (IMVT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report issued on Monday, Benzinga reports. They currently have a $51.00 target price on the stock.

IMVT has been the subject of a number of other reports. Cantor Fitzgerald reiterated an overweight rating on shares of Immunovant in a report on Monday, September 9th. JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $51.00 to $46.00 and set an overweight rating for the company in a report on Thursday, August 8th. Oppenheimer decreased their price target on shares of Immunovant from $50.00 to $46.00 and set an outperform rating for the company in a report on Monday, June 3rd. Finally, UBS Group decreased their price target on shares of Immunovant from $42.00 to $41.00 and set a buy rating for the company in a report on Tuesday, August 13th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant has a consensus rating of Buy and a consensus target price of $49.09.

Immunovant Stock Performance

Immunovant stock opened at $29.52 on Monday. Immunovant has a 1 year low of $24.67 and a 1 year high of $45.58. The firm has a market cap of $4.32 billion, a price-to-earnings ratio of -15.54 and a beta of 0.67. The firm’s 50 day moving average price is $29.78 and its two-hundred day moving average price is $29.15.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same period in the previous year, the firm posted ($0.57) EPS. As a group, equities analysts predict that Immunovant will post -2.43 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other news, CEO Peter Salzmann sold 8,685 shares of the firm’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $257,857.65. Following the completion of the sale, the chief executive officer now owns 1,023,412 shares of the company’s stock, valued at $30,385,102.28. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, insider Julia G. Butchko sold 1,527 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $42,847.62. Following the transaction, the insider now directly owns 446,853 shares in the company, valued at approximately $12,538,695.18. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Peter Salzmann sold 8,685 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total value of $257,857.65. Following the completion of the transaction, the chief executive officer now directly owns 1,023,412 shares in the company, valued at approximately $30,385,102.28. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,475 shares of company stock valued at $904,638. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently added to or reduced their stakes in the stock. Quest Partners LLC raised its position in shares of Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after purchasing an additional 1,786 shares during the period. Headlands Technologies LLC acquired a new stake in Immunovant in the 2nd quarter valued at approximately $77,000. EntryPoint Capital LLC raised its position in Immunovant by 288.8% in the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after buying an additional 2,163 shares during the last quarter. DNB Asset Management AS raised its position in Immunovant by 10.3% in the 2nd quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock valued at $271,000 after buying an additional 958 shares during the last quarter. Finally, Farallon Capital Management LLC acquired a new stake in Immunovant in the 2nd quarter valued at approximately $317,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

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.