Immunovant (NASDAQ:IMVT) Earns Buy Rating from HC Wainwright

HC Wainwright reiterated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research report sent to investors on Friday,Benzinga reports. They currently have a $51.00 target price on the stock.

Several other equities research analysts have also weighed in on IMVT. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Raymond James reiterated an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Bank of America decreased their target price on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Wells Fargo & Company cut their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $47.00.

Immunovant Stock Performance

Immunovant stock opened at $20.41 on Friday. Immunovant has a 1 year low of $19.86 and a 1 year high of $39.55. The firm’s 50-day moving average is $24.91 and its 200-day moving average is $27.84. The company has a market cap of $3.47 billion, a P/E ratio of -9.19 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, sell-side analysts predict that Immunovant will post -2.84 earnings per share for the current year.

Insider Activity

In other news, CFO Eva Renee Barnett sold 2,298 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total transaction of $54,761.34. Following the completion of the sale, the chief financial officer now directly owns 324,766 shares of the company’s stock, valued at $7,739,173.78. This trade represents a 0.70 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total value of $51,780.05. Following the completion of the transaction, the chief technology officer now owns 139,991 shares in the company, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 72,892 shares of company stock worth $1,811,857 over the last 90 days. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

Institutional investors have recently bought and sold shares of the stock. KBC Group NV lifted its stake in Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after buying an additional 612 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after acquiring an additional 1,228 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after acquiring an additional 934 shares in the last quarter. Bank Pictet & Cie Europe AG acquired a new position in Immunovant in the 3rd quarter worth approximately $261,000. Finally, Aigen Investment Management LP purchased a new position in Immunovant during the 4th quarter worth approximately $270,000. Hedge funds and other 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.