Immunovant (NASDAQ:IMVT) Stock Rating Reaffirmed by HC Wainwright

HC Wainwright reissued their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report issued on Monday, Benzinga reports. They currently have a $51.00 price objective on the stock.

IMVT has been the subject of a number of other research reports. Oppenheimer dropped their target price on Immunovant from $50.00 to $46.00 and set an outperform rating for the company in a research report on Monday, June 3rd. UBS Group dropped their price objective on Immunovant from $42.00 to $41.00 and set a buy rating for the company in a report on Tuesday, August 13th. JPMorgan Chase & Co. reduced their target price on shares of Immunovant from $51.00 to $46.00 and set an overweight rating on the stock in a research note on Thursday, August 8th. Finally, Cantor Fitzgerald reissued an overweight rating on shares of Immunovant in a research note on Monday, September 9th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Immunovant presently has a consensus rating of Buy and a consensus price target of $49.09.

Immunovant Trading Down 0.8 %

IMVT opened at $29.28 on Monday. Immunovant has a 1-year low of $24.67 and a 1-year high of $45.58. The stock has a market capitalization of $4.28 billion, a PE ratio of -15.41 and a beta of 0.67. The firm has a 50-day moving average price of $29.81 and a two-hundred day moving average price of $29.15.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter last year, the business earned ($0.57) EPS. On average, research analysts predict that Immunovant will post -2.43 EPS for the current year.

Insiders Place Their Bets

In other news, insider Michael Geffner sold 3,456 shares of the business’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total value of $95,938.56. Following the completion of the transaction, the insider now owns 138,160 shares of the company’s stock, valued at approximately $3,835,321.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Peter Salzmann sold 4,619 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total transaction of $129,609.14. Following the completion of the sale, the chief executive officer now directly owns 1,032,097 shares of the company’s stock, valued at approximately $28,960,641.82. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 3,456 shares of Immunovant stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total transaction of $95,938.56. Following the completion of the transaction, the insider now directly owns 138,160 shares in the company, valued at approximately $3,835,321.60. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,475 shares of company stock worth $904,638. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. bought a new position in Immunovant during the 4th quarter worth about $112,356,000. Octagon Capital Advisors LP grew its holdings in shares of Immunovant by 127.3% during the fourth quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after buying an additional 1,273,289 shares in the last quarter. Armistice Capital LLC raised its position in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after buying an additional 1,232,909 shares during the last quarter. Vanguard Group Inc. lifted its stake in Immunovant by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after acquiring an additional 650,506 shares in the last quarter. Finally, Alpine Global Management LLC boosted its position in Immunovant by 34.6% during the 1st quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after acquiring an additional 484,332 shares during the last quarter. 47.08% of the stock is currently 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.