HC Wainwright Reiterates Buy Rating for Immunovant (NASDAQ:IMVT)

HC Wainwright reaffirmed their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Wednesday morning,Benzinga reports. HC Wainwright currently has a $51.00 price objective on the stock.

Several other equities analysts have also recently weighed in on the company. Bank of America reduced their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Wells Fargo & Company dropped their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Finally, Guggenheim reissued a “buy” rating on shares of Immunovant in a research note on Monday, March 10th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $42.90.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $18.88 on Wednesday. The stock has a market cap of $3.21 billion, a PE ratio of -7.21 and a beta of 0.68. Immunovant has a fifty-two week low of $17.01 and a fifty-two week high of $35.97. The stock has a fifty day moving average of $21.02 and a 200-day moving average of $25.83.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, sell-side analysts predict that Immunovant will post -2.69 EPS for the current year.

Insiders Place Their Bets

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the sale, the chief executive officer now owns 972,992 shares of the company’s stock, valued at $23,449,107.20. The trade was a 0.52 % 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, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares of the company’s stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,510 shares of company stock valued at $813,686 over the last 90 days. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently modified their holdings of IMVT. Victory Capital Management Inc. lifted its stake in shares of Immunovant by 7.4% in the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock valued at $9,561,000 after acquiring an additional 22,990 shares during the last quarter. KBC Group NV lifted its stake in shares of Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after acquiring an additional 612 shares during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Immunovant in the 3rd quarter valued at about $517,000. Intech Investment Management LLC bought a new stake in shares of Immunovant in the 3rd quarter valued at about $622,000. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after acquiring an additional 91,259 shares during the last quarter. 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.