Raymond James Reiterates “Outperform” Rating for Immunovant (NASDAQ:IMVT)

Raymond James reissued their outperform rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Thursday, MarketBeat reports. Raymond James currently has a $36.00 target price on the stock.

Several other research firms also recently weighed in on IMVT. JPMorgan Chase & Co. decreased their price objective on Immunovant from $51.00 to $46.00 and set an overweight rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald reiterated an overweight rating on shares of Immunovant in a research report on Monday, September 9th. UBS Group lowered their price objective on shares of Immunovant from $42.00 to $41.00 and set a buy rating for the company in a research report on Tuesday, August 13th. HC Wainwright reissued a buy rating and set a $51.00 price objective on shares of Immunovant in a research report on Monday, September 30th. Finally, Oppenheimer boosted their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an outperform rating in a research report on Wednesday, October 9th. Twelve research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant currently has a consensus rating of Buy and an average price target of $48.58.

Immunovant Price Performance

Shares of IMVT opened at $30.40 on Thursday. Immunovant has a one year low of $24.67 and a one year high of $45.58. The company has a 50-day moving average of $29.95 and a two-hundred day moving average of $29.04. The stock has a market cap of $4.45 billion, a price-to-earnings ratio of -15.75 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same period last year, the business earned ($0.57) earnings per share. Analysts anticipate that Immunovant will post -2.43 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Eva Renee Barnett sold 3,123 shares of Immunovant stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total transaction of $92,721.87. Following the sale, the chief financial officer now directly owns 347,544 shares of the company’s stock, valued at $10,318,581.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CEO Peter Salzmann sold 8,685 shares of the 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 sale, the chief executive officer now directly owns 1,023,412 shares of the company’s stock, valued at $30,385,102.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Eva Renee Barnett sold 3,123 shares of the business’s stock in a transaction dated Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total value of $92,721.87. Following the sale, the chief financial officer now directly owns 347,544 shares of the company’s stock, valued at $10,318,581.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 30,204 shares of company stock valued at $883,407 over the last quarter. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently modified their holdings of the stock. Quest Partners LLC grew its holdings in shares of Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after buying an additional 1,786 shares during the period. EntryPoint Capital LLC increased its holdings in Immunovant by 288.8% during the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after purchasing an additional 2,163 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Immunovant in the second quarter valued at about $77,000. DNB Asset Management AS grew its holdings in shares of Immunovant by 10.3% during the second quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock worth $271,000 after buying an additional 958 shares in the last quarter. Finally, Farallon Capital Management LLC bought a new stake in Immunovant in the 2nd quarter valued at approximately $317,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Immunovant

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.