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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have received a consensus rating of “Buy” from the seventeen brokerages that are currently covering the firm, Marketbeat Ratings reports. Seventeen research analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $48.00.

IMVT has been the subject of several recent research reports. JPMorgan Chase & Co. started coverage on Immunovant in a research report on Tuesday, February 20th. They issued an “overweight” rating and a $51.00 price target for the company. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Friday, January 12th. Wolfe Research initiated coverage on Immunovant in a research report on Thursday, February 15th. They set an “outperform” rating and a $55.00 price target on the stock. Truist Financial reissued a “buy” rating and issued a $48.00 price target on shares of Immunovant in a report on Monday, March 25th. Finally, Oppenheimer started coverage on shares of Immunovant in a research note on Thursday, March 28th. They set an “outperform” rating and a $50.00 price objective for the company.

Insider Transactions at Immunovant

In related news, insider Mark S. Levine sold 3,027 shares of the firm’s stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $37.92, for a total transaction of $114,783.84. Following the transaction, the insider now directly owns 304,102 shares of the company’s stock, valued at approximately $11,531,547.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Peter Salzmann sold 4,807 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $149,882.26. Following the completion of the sale, the chief executive officer now owns 1,086,958 shares of the company’s stock, valued at approximately $33,891,350.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark S. Levine sold 3,027 shares of Immunovant stock in a transaction on Friday, January 26th. The stock was sold at an average price of $37.92, for a total transaction of $114,783.84. Following the completion of the transaction, the insider now owns 304,102 shares in the company, valued at approximately $11,531,547.84. The disclosure for this sale can be found here. In the last three months, insiders sold 74,087 shares of company stock worth $2,235,935. 4.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in shares of Immunovant in the 4th quarter valued at about $112,356,000. FMR LLC lifted its position in Immunovant by 47.5% in the third quarter. FMR LLC now owns 7,748,546 shares of the company’s stock valued at $297,467,000 after purchasing an additional 2,494,678 shares during the last quarter. Federated Hermes Inc. boosted its stake in shares of Immunovant by 281.2% during the first quarter. Federated Hermes Inc. now owns 1,903,894 shares of the company’s stock valued at $10,491,000 after purchasing an additional 1,404,404 shares during the period. Octagon Capital Advisors LP grew its holdings in shares of Immunovant by 127.3% in the fourth quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after purchasing an additional 1,273,289 shares during the last quarter. Finally, Fred Alger Management LLC increased its stake in shares of Immunovant by 6,108.9% in the third quarter. Fred Alger Management LLC now owns 1,186,031 shares of the company’s stock worth $45,532,000 after buying an additional 1,166,929 shares during the period. 47.08% of the stock is owned by institutional investors.

Immunovant Stock Down 0.4 %

IMVT opened at $28.22 on Friday. The firm has a 50-day moving average price of $33.00 and a 200-day moving average price of $36.05. Immunovant has a twelve month low of $15.08 and a twelve month high of $45.58. The company has a market capitalization of $4.10 billion, a price-to-earnings ratio of -15.34 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, February 12th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.07. On average, sell-side analysts expect that Immunovant will post -1.7 earnings per share for the current fiscal year.

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.