Guggenheim Issues Pessimistic Forecast for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its price objective decreased by stock analysts at Guggenheim from $46.00 to $44.00 in a report released on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target suggests a potential upside of 127.51% from the company’s previous close.

A number of other research analysts have also issued reports on the stock. Bank of America dropped their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Wells Fargo & Company reduced their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a report on Friday, February 7th. Finally, Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Immunovant has a consensus rating of “Buy” and a consensus price target of $46.73.

Immunovant Price Performance

Shares of IMVT opened at $19.34 on Monday. The firm has a fifty day moving average price of $24.57 and a 200 day moving average price of $27.73. Immunovant has a 1-year low of $19.09 and a 1-year high of $39.55. The stock has a market cap of $3.28 billion, a PE ratio of -7.38 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, equities analysts expect that Immunovant will post -2.74 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $92,892.50. Following the completion of the transaction, the insider now directly owns 319,228 shares of the company’s stock, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the transaction, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at $3,302,387.69. This trade represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,892 shares of company stock valued at $1,811,857 over the last quarter. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its stake in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after acquiring an additional 2,053,688 shares during the period. Baker BROS. Advisors LP raised its holdings in shares of Immunovant by 163.7% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Immunovant by 69.9% in the 3rd 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 in the last quarter. State Street Corp raised its holdings in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after acquiring an additional 303,386 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after acquiring an additional 96,924 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

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.