Immunovant, Inc. (NASDAQ:IMVT) Given Average Recommendation of “Buy” by Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has received a consensus rating of “Buy” from the eleven ratings firms that are presently covering the firm, Marketbeat.com reports. Eleven research analysts have rated the stock with a buy recommendation. The average 12 month price objective among brokerages that have issued ratings on the stock in the last year is $48.10.

IMVT has been the subject of a number of research analyst reports. Oppenheimer upped their price target on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their target price on Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. UBS Group decreased their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Raymond James restated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th.

Immunovant Stock Up 3.1 %

Shares of IMVT stock opened at $30.32 on Wednesday. Immunovant has a 12 month low of $24.67 and a 12 month high of $45.58. The firm has a market cap of $4.44 billion, a PE ratio of -15.71 and a beta of 0.66. The stock has a 50 day moving average of $29.79 and a 200-day moving average of $28.93.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same period in the prior year, the business posted ($0.57) earnings per share. As a group, equities analysts predict that Immunovant will post -2.41 EPS for the current fiscal year.

Insider Activity

In other Immunovant news, CEO Peter Salzmann sold 4,460 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the transaction, the chief executive officer now owns 1,003,884 shares of the company’s stock, valued at approximately $29,674,811.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $152,588.72. Following the transaction, the chief financial officer now owns 338,614 shares of the company’s stock, valued at approximately $10,009,429.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Peter Salzmann sold 4,460 shares of the stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $131,837.60. Following the completion of the transaction, the chief executive officer now directly owns 1,003,884 shares in the company, valued at $29,674,811.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,277 shares of company stock valued at $941,919 over the last 90 days. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Immunovant by 11.2% during the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after purchasing an additional 650,506 shares during the period. Armistice Capital LLC raised its position in shares of Immunovant by 57.0% during the second quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after purchasing an additional 1,232,909 shares during the period. Alpine Global Management LLC raised its position in shares of Immunovant by 34.6% during the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after purchasing an additional 484,332 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Immunovant by 16.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after purchasing an additional 259,481 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Immunovant by 69.9% during 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. Institutional investors and hedge funds 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.