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

HC Wainwright restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note published on Friday morning,Benzinga reports. They currently have a $51.00 price objective on the stock.

Other analysts have also issued research reports about the stock. Raymond James reiterated an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Oppenheimer increased their price objective on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. UBS Group decreased their price target on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $48.10.

Immunovant Price Performance

IMVT stock opened at $31.14 on Friday. The firm’s fifty day simple moving average is $29.76 and its 200-day simple moving average is $28.97. Immunovant has a 12 month low of $24.67 and a 12 month high of $45.58. The company has a market capitalization of $4.56 billion, a P/E ratio of -14.03 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the previous year, the firm posted ($0.45) earnings per share. As a group, sell-side analysts forecast that Immunovant will post -2.42 earnings per share for the current year.

Insider Activity

In other Immunovant news, CTO Jay S. Stout sold 2,740 shares of the stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $80,912.20. Following the transaction, the chief technology officer now directly owns 142,186 shares in the company, valued at $4,198,752.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, CEO Peter Salzmann sold 9,095 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $261,845.05. Following the transaction, the chief executive officer now directly owns 994,789 shares in the company, valued at approximately $28,639,975.31. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 2,740 shares of Immunovant stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $80,912.20. Following the completion of the transaction, the chief technology officer now directly owns 142,186 shares in the company, valued at $4,198,752.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,277 shares of company stock worth $941,919. 5.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. KBC Group NV grew its holdings in shares of Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares during the last quarter. Quest Partners LLC increased its holdings in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares during the period. Headlands Technologies LLC purchased a new stake in shares of Immunovant during the second quarter worth approximately $77,000. Assetmark Inc. lifted its holdings in shares of Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after purchasing an additional 1,228 shares during the period. Finally, EntryPoint Capital LLC grew 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. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.