Bank of America Has Lowered Expectations for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its price objective reduced by equities research analysts at Bank of America from $48.00 to $45.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 96.68% from the company’s current price.

A number of other analysts have also recently weighed in on IMVT. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Wells Fargo & Company lowered their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Oppenheimer increased their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, Immunovant currently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Immunovant Price Performance

Shares of IMVT stock opened at $22.88 on Wednesday. The firm has a market cap of $3.36 billion, a P/E ratio of -10.31 and a beta of 0.66. Immunovant has a fifty-two week low of $22.41 and a fifty-two week high of $42.44. The stock’s 50-day moving average is $26.79 and its two-hundred day moving average is $28.56.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the company earned ($0.45) EPS. As a group, research analysts expect that Immunovant will post -2.73 EPS for the current year.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 2,740 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $80,912.20. Following the completion of the transaction, the chief technology officer now owns 142,186 shares in the company, valued at approximately $4,198,752.58. This represents a 1.89 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Eva Renee Barnett sold 4,174 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $106,228.30. Following the completion of the sale, the chief financial officer now owns 331,169 shares in the company, valued at approximately $8,428,251.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 61,693 shares of company stock worth $1,586,625 over the last ninety days. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. boosted its position 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 last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after purchasing an additional 91,259 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in 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 last quarter. Rubric Capital Management LP bought a new position in Immunovant in the second quarter valued at $1,548,000. Finally, State Street Corp increased its stake in Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.