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

Immunovant, Inc. (NASDAQ:IMVT) has earned an average rating of “Buy” from the ten ratings firms that are currently covering the company, Marketbeat.com reports. Ten analysts have rated the stock with a buy rating. The average 12 month price objective among brokerages that have covered the stock in the last year is $47.89.

IMVT has been the subject of several research analyst reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Raymond James reissued an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Oppenheimer raised their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Friday, November 8th.

Immunovant Stock Down 5.9 %

NASDAQ IMVT opened at $26.25 on Thursday. Immunovant has a 12-month low of $24.61 and a 12-month high of $45.58. The firm has a 50-day moving average price of $28.70 and a two-hundred day moving average price of $28.73. The company has a market capitalization of $3.85 billion, a P/E ratio of -11.82 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the business earned ($0.45) earnings per share. Equities analysts expect that Immunovant will post -2.73 EPS for the current year.

Insider Activity at Immunovant

In other news, insider William L. Macias sold 3,188 shares of the company’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $91,782.52. Following the sale, the insider now directly owns 365,144 shares of the company’s stock, valued at approximately $10,512,495.76. This represents a 0.87 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Peter Salzmann sold 16,692 shares of Immunovant stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $424,811.40. Following the transaction, the chief executive officer now directly owns 978,097 shares of the company’s stock, valued at $24,892,568.65. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,659 shares of company stock worth $2,096,890 over the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of large investors have recently bought and sold shares 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 purchasing an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after buying an additional 91,259 shares during the period. Rubric Capital Management LP acquired a new position in Immunovant in the second quarter valued at approximately $1,548,000. First Turn Management LLC boosted its holdings in shares of Immunovant by 35.6% during the 2nd quarter. First Turn Management LLC now owns 695,428 shares of the company’s stock worth $18,359,000 after buying an additional 182,535 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.