Immunovant (NASDAQ:IMVT) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Monday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $20.00 price target on the stock.

Several other research firms have also recently commented on IMVT. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Guggenheim cut their price objective on Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Bank of America decreased 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. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a research report on Friday, February 7th. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $43.55.

Immunovant Trading Down 10.5 %

NASDAQ IMVT opened at $18.44 on Monday. The business has a fifty day simple moving average of $22.34 and a 200 day simple moving average of $26.81. Immunovant has a 12 month low of $18.13 and a 12 month high of $35.97. The firm has a market capitalization of $3.13 billion, a P/E ratio of -7.04 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, sell-side analysts predict that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the sale, the chief technology officer now owns 139,991 shares of the company’s stock, valued at approximately $3,302,387.69. This represents a 1.54 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $123,030.50. Following the transaction, the chief executive officer now directly owns 972,992 shares of the company’s stock, valued at $23,449,107.20. The trade was a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,510 shares of company stock worth $656,886 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. increased its holdings in Immunovant by 7.4% during the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after acquiring an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Immunovant by 19.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the period. ABC Arbitrage SA bought a new position in shares of Immunovant in the fourth quarter worth $734,000. Finally, State Street Corp raised its position in shares of Immunovant by 11.2% in the third 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 in 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.