Immunovant (NASDAQ:IMVT) Earns Outperform Rating from Analysts at Oppenheimer

Equities researchers at Oppenheimer began coverage on shares of Immunovant (NASDAQ:IMVT) in a report released on Thursday, Marketbeat reports. The brokerage set an “outperform” rating and a $50.00 price target on the stock. Oppenheimer’s target price points to a potential upside of 53.75% from the stock’s previous close.

Several other equities analysts have also issued reports on the company. Bank of America upped their target price on Immunovant from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, December 21st. The Goldman Sachs Group assumed coverage on Immunovant in a report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 target price for the company. Truist Financial reaffirmed a “buy” rating and issued a $48.00 target price on shares of Immunovant in a report on Monday. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Friday, January 12th. Finally, Wolfe Research started coverage on Immunovant in a report on Thursday, February 15th. They set an “outperform” rating and a $55.00 price objective for the company. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $48.00.

Immunovant Stock Up 3.5 %

Shares of Immunovant stock opened at $32.52 on Thursday. The company has a market cap of $4.72 billion, a PE ratio of -17.67 and a beta of 0.67. Immunovant has a 52 week low of $14.05 and a 52 week high of $45.58. The business has a 50 day moving average price of $35.39 and a 200-day moving average price of $35.67.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.07. As a group, research analysts anticipate that Immunovant will post -1.7 EPS for the current year.

Insider Buying and Selling at Immunovant

In other news, CEO Peter Salzmann sold 3,824 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $38.59, for a total transaction of $147,568.16. Following the transaction, the chief executive officer now directly owns 944,685 shares of the company’s stock, valued at $36,455,394.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Peter Salzmann sold 3,824 shares of the firm’s stock in a transaction dated Friday, January 5th. The stock was sold at an average price of $38.59, for a total transaction of $147,568.16. Following the transaction, the chief executive officer now directly owns 944,685 shares of the company’s stock, valued at $36,455,394.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Julia G. Butchko sold 1,297 shares of the firm’s stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $38.59, for a total value of $50,051.23. Following the transaction, the insider now directly owns 409,963 shares in the company, valued at $15,820,472.17. The disclosure for this sale can be found here. Insiders have sold 17,151 shares of company stock worth $659,896 over the last 90 days. Corporate insiders own 4.80% of the company’s stock.

Institutional Trading of Immunovant

Large investors have recently modified their holdings of the business. Headlands Technologies LLC bought a new stake in shares of Immunovant in the fourth quarter worth about $27,000. Comerica Bank bought a new stake in shares of Immunovant in the third quarter worth about $26,000. KBC Group NV bought a new stake in shares of Immunovant in the fourth quarter worth about $56,000. Assetmark Inc. bought a new stake in shares of Immunovant in the fourth quarter worth about $61,000. Finally, Barclays PLC grew its stake in shares of Immunovant by 2,558.1% in the second quarter. Barclays PLC now owns 2,286 shares of the company’s stock worth $43,000 after purchasing an additional 2,200 shares during the last quarter. 47.08% of the stock is 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.