Immunovant’s (IMVT) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report published on Monday morning, Benzinga reports. They currently have a $51.00 target price on the stock.

A number of other brokerages also recently weighed in on IMVT. Cantor Fitzgerald reissued an overweight rating on shares of Immunovant in a research report on Monday, September 9th. Oppenheimer decreased their target price on Immunovant from $50.00 to $46.00 and set an outperform rating on the stock in a report on Monday, June 3rd. UBS Group cut their price target on Immunovant from $42.00 to $41.00 and set a buy rating for the company in a report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Immunovant from $51.00 to $46.00 and set an overweight rating on the stock in a report on Thursday, August 8th. Eleven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of Buy and an average target price of $49.09.

Immunovant Trading Down 0.8 %

NASDAQ IMVT opened at $29.28 on Monday. The company has a market cap of $4.28 billion, a PE ratio of -15.41 and a beta of 0.67. Immunovant has a 12 month low of $24.67 and a 12 month high of $45.58. The stock has a 50 day moving average of $29.81 and a 200-day moving average of $29.15.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the prior year, the company earned ($0.57) EPS. As a group, sell-side analysts predict that Immunovant will post -2.43 EPS for the current fiscal year.

Insider Activity

In other Immunovant news, CFO Eva Renee Barnett sold 4,747 shares of Immunovant stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $133,200.82. Following the completion of the sale, the chief financial officer now owns 350,667 shares in the company, valued at approximately $9,839,716.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Immunovant news, CEO Peter Salzmann sold 4,619 shares of the firm’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total transaction of $129,609.14. Following the transaction, the chief executive officer now owns 1,032,097 shares in the company, valued at approximately $28,960,641.82. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Eva Renee Barnett sold 4,747 shares of the company’s stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $133,200.82. Following the sale, the chief financial officer now owns 350,667 shares of the company’s stock, valued at $9,839,716.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,475 shares of company stock valued at $904,638. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IMVT. Quest Partners LLC lifted its position in Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after purchasing an additional 1,786 shares during the period. Headlands Technologies LLC bought a new stake in shares of Immunovant during the 2nd quarter worth approximately $77,000. EntryPoint Capital LLC boosted its position in shares of Immunovant by 288.8% during the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after acquiring an additional 2,163 shares in the last quarter. DNB Asset Management AS boosted its position in shares of Immunovant by 10.3% during the 2nd quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock worth $271,000 after acquiring an additional 958 shares in the last quarter. Finally, Farallon Capital Management LLC bought a new position in Immunovant in the second quarter valued at approximately $317,000. 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.