Wells Fargo & Company Lowers Immunovant (NASDAQ:IMVT) Price Target to $45.00

Immunovant (NASDAQ:IMVT) had its price target decreased by equities research analysts at Wells Fargo & Company from $47.00 to $45.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 72.28% from the company’s current price.

Several other brokerages also recently weighed in on IMVT. HC Wainwright reissued a “buy” rating and issued a $51.00 price target on shares of Immunovant in a report on Friday, November 8th. Oppenheimer boosted their price target on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Finally, Raymond James restated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $47.60.

Immunovant Stock Down 0.5 %

NASDAQ:IMVT traded down $0.13 during midday trading on Thursday, hitting $26.12. The stock had a trading volume of 38,829 shares, compared to its average volume of 1,056,448. The stock has a 50-day moving average of $28.70 and a 200 day moving average of $28.73. The company has a market capitalization of $3.83 billion, a price-to-earnings ratio of -11.77 and a beta of 0.64. Immunovant has a one year low of $24.61 and a one year high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the prior year, the business posted ($0.45) EPS. On average, sell-side analysts anticipate that Immunovant will post -2.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider William L. Macias sold 3,188 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $91,782.52. Following the completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark S. Levine sold 4,361 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $128,780.33. Following the sale, the insider now directly owns 322,878 shares in the company, valued at approximately $9,534,587.34. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock valued at $2,096,890 in the last ninety days. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV grew its position in shares of Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares during the period. Quest Partners LLC grew its position in shares of Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares during the period. Headlands Technologies LLC acquired a new stake in Immunovant during the 2nd quarter worth approximately $77,000. Assetmark Inc. boosted its holdings in shares of Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after buying an additional 1,228 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after acquiring an additional 934 shares in 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.