Guggenheim Cuts Immunovant (NASDAQ:IMVT) Price Target to $44.00

Immunovant (NASDAQ:IMVT) had its price objective cut by Guggenheim from $46.00 to $44.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

IMVT has been the subject of several other research reports. HC Wainwright reiterated a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Friday, February 7th. Wells Fargo & Company lowered their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Bank of America cut their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $46.73.

Immunovant Trading Down 0.6 %

Shares of NASDAQ IMVT opened at $19.22 on Monday. Immunovant has a 12-month low of $19.07 and a 12-month high of $39.55. The stock has a market cap of $3.26 billion, a P/E ratio of -7.34 and a beta of 0.65. The business’s fifty day simple moving average is $24.39 and its 200-day simple moving average is $27.66.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, equities analysts forecast that Immunovant will post -2.74 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the transaction, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark S. Levine sold 3,650 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the completion of the sale, the insider now directly owns 319,228 shares of the company’s stock, valued at $8,124,352.60. The trade was a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Victory Capital Management Inc. lifted 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 purchasing an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Immunovant by 19.8% in 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 period. Principal Financial Group Inc. lifted its stake in shares of 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 acquiring an additional 391,436 shares during the period. State Street Corp boosted its holdings in shares of 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 acquiring an additional 303,386 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after acquiring an additional 96,924 shares during the period. 47.08% of the stock is currently owned by hedge funds and other 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.