Wolfe Research Downgrades Immunovant (NASDAQ:IMVT) to Peer Perform

Immunovant (NASDAQ:IMVT) was downgraded by investment analysts at Wolfe Research from an “outperform” rating to a “peer perform” rating in a research note issued on Friday, Marketbeat reports.

IMVT has been the topic of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Wells Fargo & Company dropped their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, Oppenheimer boosted their target price on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $47.22.

Immunovant Price Performance

Shares of Immunovant stock opened at $24.81 on Friday. The business has a 50-day simple moving average of $27.64 and a 200 day simple moving average of $28.68. Immunovant has a one year low of $23.88 and a one year high of $45.58. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of -11.18 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the company posted ($0.45) earnings per share. On average, sell-side analysts expect that Immunovant will post -2.73 EPS for the current year.

Insider Buying and Selling

In other news, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $424,811.40. Following the sale, the chief executive officer now owns 978,097 shares of the company’s stock, valued at $24,892,568.65. The trade was a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William L. Macias sold 3,188 shares of the firm’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total transaction of $91,782.52. Following the completion of the transaction, the insider now directly owns 365,144 shares of the company’s stock, valued at approximately $10,512,495.76. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 77,659 shares of company stock valued at $2,096,890. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently made changes to their positions in IMVT. FMR LLC grew its position in shares of Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after purchasing an additional 2,053,688 shares in the last quarter. Armistice Capital LLC boosted its stake in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after purchasing an additional 1,232,909 shares during the period. Baker BROS. Advisors LP grew its holdings in Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after buying an additional 760,692 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after buying an additional 391,436 shares in the last quarter. Finally, State Street Corp increased its position 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 buying an additional 303,386 shares during the period. Hedge funds and other institutional investors 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.