Immunovant (NASDAQ:IMVT) Coverage Initiated by Analysts at Sanford C. Bernstein

Sanford C. Bernstein started coverage on shares of Immunovant (NASDAQ:IMVT) in a report released on Friday, MarketBeat.com reports. The firm issued a market perform rating and a $28.00 target price on the stock.

Other analysts also recently issued research reports about the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, January 6th. Guggenheim lifted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Truist Financial upped their price objective on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. Finally, HC Wainwright reiterated a “buy” rating and issued a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $32.00.

Immunovant Trading Down 2.8%

NASDAQ IMVT opened at $22.98 on Friday. The company has a 50-day moving average price of $26.09 and a two-hundred day moving average price of $22.90. Immunovant has a 52 week low of $12.72 and a 52 week high of $29.25. The stock has a market cap of $4.68 billion, a price-to-earnings ratio of -8.54 and a beta of 0.62.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the prior year, the firm posted ($0.76) EPS. As a group, equities research analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, insider Tuyl Christopher Van sold 2,877 shares of Immunovant stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $24.97, for a total transaction of $71,838.69. Following the transaction, the insider directly owned 147,053 shares in the company, valued at approximately $3,671,913.41. This trade represents a 1.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jay S. Stout sold 1,977 shares of the company’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the sale, the chief technology officer owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 6,057 shares of company stock worth $155,216. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant in the 4th quarter worth approximately $25,000. Strs Ohio acquired a new stake in Immunovant during the first quarter valued at approximately $27,000. Aster Capital Management DIFC Ltd acquired a new stake in Immunovant during the third quarter valued at approximately $33,000. PNC Financial Services Group Inc. boosted its holdings in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares in the last quarter. Finally, Quarry LP boosted its holdings in Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after buying an additional 1,461 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.