Immunovant (NASDAQ:IMVT) Price Target Cut to $30.00 by Analysts at Bank of America

Immunovant (NASDAQ:IMVT) had its price objective cut by Bank of America from $33.00 to $30.00 in a research note published on Tuesday,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts have also recently issued reports on IMVT. UBS Group boosted their price objective on Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. The Goldman Sachs Group upgraded Immunovant to a “hold” rating and set a $18.00 price objective on the stock in a research report on Thursday, July 10th. Finally, Citigroup restated a “buy” rating on shares of Immunovant in a research report on Monday. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $35.20.

Immunovant Trading Up 3.0%

IMVT opened at $15.21 on Tuesday. The stock has a market cap of $2.60 billion, a PE ratio of -5.34 and a beta of 0.66. Immunovant has a 1 year low of $12.72 and a 1 year high of $34.47. The stock’s 50 day simple moving average is $16.53 and its 200-day simple moving average is $17.04.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.69) by $0.09. During the same period in the prior year, the firm earned ($0.60) EPS. Equities analysts forecast that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, insider Michael Geffner sold 2,385 shares of the company’s stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the sale, the insider directly owned 221,825 shares in the company, valued at $4,026,123.75. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of the company’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock worth $140,384 over the last quarter. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Immunovant

Large investors have recently made changes to their positions in the business. Strs Ohio bought a new stake in shares of Immunovant during the first quarter worth $27,000. FNY Investment Advisers LLC bought a new stake in shares of Immunovant during the first quarter worth $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new stake in shares of Immunovant during the first quarter worth $37,000. Farther Finance Advisors LLC grew its holdings in shares of Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock worth $46,000 after purchasing an additional 2,855 shares during the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Immunovant during the first quarter worth $51,000. Institutional investors own 47.08% of the company’s stock.

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.