Bank of America Has Lowered Expectations for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its price target cut by equities research analysts at Bank of America from $38.00 to $33.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 74.79% from the stock’s current price.

A number of other equities research analysts have also recently commented on IMVT. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Wells Fargo & Company lowered their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday. Finally, Jefferies Financial Group initiated coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Immunovant presently has an average rating of “Buy” and an average price target of $41.70.

Immunovant Price Performance

Immunovant stock opened at $18.88 on Thursday. The stock’s 50 day moving average price is $21.02 and its 200 day moving average price is $25.83. Immunovant has a 1-year low of $17.01 and a 1-year high of $35.97. The company has a market cap of $3.21 billion, a PE ratio of -7.21 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). On average, equities research analysts anticipate that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was purchased at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the transaction, the director now owns 96,650,341 shares in the company, valued at $1,933,006,820. This trade represents a 21.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Peter Salzmann sold 5,105 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the sale, the chief executive officer now owns 972,992 shares of the company’s stock, valued at approximately $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock worth $813,686 in the last quarter. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently made changes to their positions in the business. KBC Group NV increased its holdings in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after purchasing an additional 612 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in shares of Immunovant in the fourth quarter worth about $76,000. Ameriprise Financial Inc. acquired a new stake in shares of Immunovant in the fourth quarter valued at about $221,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Immunovant during the 4th quarter valued at about $268,000. Finally, Aigen Investment Management LP acquired a new position in Immunovant during the 4th quarter worth approximately $270,000. Hedge funds and other 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.