Immunovant (NASDAQ:IMVT) Upgraded by Cantor Fitzgerald to Strong-Buy Rating

Immunovant (NASDAQ:IMVT) was upgraded by stock analysts at Cantor Fitzgerald to a “strong-buy” rating in a report released on Thursday,Zacks.com reports.

IMVT has been the subject of several other reports. Bank of America lowered their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Wells Fargo & Company reduced their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $47.00.

Immunovant Trading Down 1.5 %

NASDAQ:IMVT opened at $21.74 on Thursday. The stock’s 50-day moving average is $25.55 and its 200-day moving average is $28.13. Immunovant has a 1-year low of $21.48 and a 1-year high of $39.55. The stock has a market cap of $3.69 billion, a P/E ratio of -9.79 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the previous year, the company earned ($0.45) EPS. As a group, equities analysts forecast that Immunovant will post -2.84 EPS for the current year.

Insider Activity

In related news, CFO Eva Renee Barnett sold 4,174 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $106,228.30. Following the sale, the chief financial officer now owns 331,169 shares in the company, valued at $8,428,251.05. This represents a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark S. Levine sold 3,650 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the sale, the insider now directly owns 319,228 shares of the company’s stock, valued at $8,124,352.60. This represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 72,892 shares of company stock worth $1,811,857 in the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. FMR LLC lifted its position in shares of Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares in the last quarter. State Street Corp boosted its holdings in Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares during the period. Geode Capital Management LLC grew its position in shares of Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after purchasing an additional 96,924 shares in the last quarter. Baker BROS. Advisors LP lifted its holdings in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after buying an additional 760,692 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the period. Hedge funds and other institutional investors 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.