Immunovant, Inc. (NASDAQ:IMVT) Receives Average Recommendation of “Buy” from Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has been given an average recommendation of “Buy” by the eleven ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, nine have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $47.00.

A number of research analysts have weighed in on IMVT shares. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Raymond James restated an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. Finally, Wells Fargo & Company cut their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th.

Immunovant Stock Performance

IMVT stock opened at $20.36 on Friday. The stock’s 50 day simple moving average is $25.08 and its 200 day simple moving average is $27.89. The company has a market cap of $3.46 billion, a P/E ratio of -9.17 and a beta of 0.65. Immunovant has a fifty-two week low of $20.21 and a fifty-two week high of $39.55.

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

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 4,174 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $106,228.30. Following the sale, the chief financial officer now owns 331,169 shares of the company’s stock, valued at approximately $8,428,251.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Sciences Ltd. Roivant bought 16,845,010 shares of Immunovant stock in a transaction dated Monday, January 13th. The shares were bought at an average cost of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the transaction, the director now directly owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. This trade represents a 21.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have sold 72,892 shares of company stock valued at $1,811,857. 5.90% of the stock is owned by insiders.

Institutional Trading of Immunovant

Hedge funds have recently made changes to their positions in the company. Handelsbanken Fonder AB grew its stake in shares of Immunovant by 29.0% during the 3rd quarter. Handelsbanken Fonder AB now owns 20,900 shares of the company’s stock worth $596,000 after acquiring an additional 4,700 shares during the period. Exchange Traded Concepts LLC lifted its holdings in Immunovant by 53.4% during the third quarter. Exchange Traded Concepts LLC now owns 27,122 shares of the company’s stock valued at $773,000 after purchasing an additional 9,438 shares during the last quarter. Bank Pictet & Cie Europe AG bought a new position in Immunovant during the third quarter worth about $261,000. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Immunovant by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after purchasing an additional 934 shares in the last quarter. Finally, abrdn plc raised its position in shares of Immunovant by 19.5% in the third quarter. abrdn plc now owns 478,757 shares of the company’s stock valued at $13,649,000 after purchasing an additional 78,035 shares during the period. 47.08% of the stock is currently owned by institutional investors.

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.