Immunovant (NASDAQ:IMVT) Given New $45.00 Price Target at Bank of America

Immunovant (NASDAQ:IMVT) had its price objective cut by Bank of America from $48.00 to $45.00 in a research report released on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

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

Immunovant Price Performance

Shares of IMVT opened at $24.40 on Wednesday. Immunovant has a 52-week low of $22.41 and a 52-week high of $42.44. The stock’s 50-day simple moving average is $26.79 and its 200 day simple moving average is $28.56.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the prior year, the firm earned ($0.45) EPS. Sell-side analysts anticipate that Immunovant will post -2.75 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, Director Sciences Ltd. Roivant purchased 16,845,010 shares of the company’s stock in a transaction on Monday, January 13th. The stock was acquired at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the transaction, the director now directly owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. This represents a 21.11 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $106,228.30. Following the completion of the transaction, the chief financial officer now owns 331,169 shares in the company, valued at $8,428,251.05. The trade was a 1.24 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 61,693 shares of company stock worth $1,586,625. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently bought and sold shares of the business. Principal Financial Group Inc. raised its position in shares of Immunovant by 69.9% in the 3rd 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. Tyro Capital Management LLC increased its stake in Immunovant by 0.6% during the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock valued at $7,189,000 after purchasing an additional 1,529 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after buying an additional 96,924 shares during the last quarter. State Street Corp lifted its position 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 acquiring an additional 303,386 shares in the last quarter. Finally, Baker BROS. Advisors LP raised its stake in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after purchasing an additional 760,692 shares during the last quarter. 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.