Immunovant (NASDAQ:IMVT) Price Target Cut to $45.00 by Analysts at Bank of America

Immunovant (NASDAQ:IMVT) had its price target decreased by equities research analysts at Bank of America from $48.00 to $45.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s price target points to a potential upside of 96.68% from the stock’s current price.

Several other research firms also recently commented on IMVT. Raymond James reiterated an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a report on Thursday, October 10th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research 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 research note on Wednesday, October 9th. Finally, Wells Fargo & Company lowered their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Immunovant Price Performance

Shares of IMVT opened at $22.88 on Wednesday. The company has a market cap of $3.36 billion, a PE ratio of -10.31 and a beta of 0.66. The firm has a 50-day moving average of $26.79 and a 200-day moving average of $28.56. Immunovant has a one year low of $22.41 and a one year high of $42.44.

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

Insider Transactions at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 4,105 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 value of $98,930.50. Following the transaction, the chief financial officer now owns 327,064 shares in the company, valued at $7,882,242.40. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Peter Salzmann sold 5,105 shares of the 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 transaction, the chief executive officer now directly owns 972,992 shares of the company’s stock, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,693 shares of company stock valued at $1,586,625. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of hedge funds have recently added to or reduced their stakes in IMVT. Victory Capital Management Inc. increased its holdings in shares of Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after buying an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Immunovant by 19.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after acquiring an additional 91,259 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares in the last quarter. Rubric Capital Management LP bought a new position in Immunovant in the second quarter valued at about $1,548,000. Finally, State Street Corp raised its position in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares during the last quarter. Institutional investors and hedge funds 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.