Immunovant (NASDAQ:IMVT) Price Target Cut to $44.00 by Analysts at Guggenheim

Immunovant (NASDAQ:IMVT) had its price objective decreased by research analysts at Guggenheim from $46.00 to $44.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price objective would indicate a potential upside of 115.58% from the company’s current price.

Other equities research analysts have also issued reports about the company. 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. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. HC Wainwright reiterated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Friday. Finally, Bank of America lowered their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. One investment analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $46.73.

Immunovant Stock Up 0.2 %

Shares of Immunovant stock opened at $20.41 on Monday. Immunovant has a fifty-two week low of $19.86 and a fifty-two week high of $39.55. The firm has a market cap of $3.47 billion, a P/E ratio of -7.79 and a beta of 0.65. The business has a 50-day moving average price of $24.75 and a 200 day moving average price of $27.79.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data 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). As a group, equities research analysts anticipate that Immunovant will post -2.74 earnings per share for the current year.

Insiders Place Their Bets

In related news, CTO Jay S. Stout sold 2,195 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the transaction, the chief technology officer now owns 139,991 shares of the company’s stock, valued at $3,302,387.69. This trade represents a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark S. Levine sold 3,650 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the transaction, the insider now owns 319,228 shares in the company, valued at $8,124,352.60. This represents a 1.13 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IMVT. Handelsbanken Fonder AB boosted its holdings in Immunovant by 29.0% in the third quarter. Handelsbanken Fonder AB now owns 20,900 shares of the company’s stock valued at $596,000 after acquiring an additional 4,700 shares during the last quarter. Exchange Traded Concepts LLC boosted its holdings in Immunovant by 53.4% in the third quarter. Exchange Traded Concepts LLC now owns 27,122 shares of the company’s stock worth $773,000 after purchasing an additional 9,438 shares during the period. Bank Pictet & Cie Europe AG bought a new position in shares of Immunovant during the third quarter valued at approximately $261,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after purchasing an additional 934 shares during the period. Finally, abrdn plc increased its holdings in shares of Immunovant by 19.5% during 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 owned by hedge funds and other 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.