Immunovant, Inc. (NASDAQ:IMVT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has earned an average rating of “Moderate Buy” from the ten analysts that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $44.00.

IMVT has been the subject of a number of recent research reports. Bank of America raised their price objective on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a report on Wednesday, July 29th. Guggenheim upped their target price on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Finally, HC Wainwright increased their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st.

Immunovant Stock Performance

NASDAQ:IMVT opened at $41.82 on Tuesday. The company has a market capitalization of $8.64 billion, a P/E ratio of -14.83 and a beta of 0.77. The firm has a 50-day moving average price of $38.19 and a two-hundred day moving average price of $31.12. Immunovant has a twelve month low of $14.47 and a twelve month high of $42.92.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same quarter in the previous year, the business earned ($0.71) earnings per share. On average, equities research analysts predict that Immunovant will post -2.72 earnings per share for the current year.

Insider Buying and Selling

In other Immunovant news, insider Tuyl Christopher Van sold 1,206 shares of Immunovant stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $47,697.30. Following the completion of the sale, the insider owned 179,391 shares in the company, valued at $7,094,914.05. The trade was a 0.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of the company’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.01, for a total transaction of $57,015.00. Following the transaction, the director directly owned 116,731 shares of the company’s stock, valued at approximately $4,436,945.31. This represents a 1.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 324,810 shares of company stock worth $11,350,166 over the last ninety days. Insiders own 1.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently bought and sold shares of IMVT. Geneos Wealth Management Inc. purchased a new stake in shares of Immunovant during the 4th quarter valued at $25,000. Strs Ohio purchased a new position in shares of Immunovant in the 1st quarter worth $27,000. PNC Financial Services Group Inc. raised its position in shares of Immunovant by 138.9% in the 3rd 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 during the period. Quarry LP boosted its holdings in Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the last quarter. Finally, Quantbot Technologies LP acquired a new position in Immunovant in the second quarter valued at $87,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.