Immunovant, Inc. (NASDAQ:IMVT) Given Average Rating of “Buy” by Analysts

Immunovant, Inc. (NASDAQ:IMVT) has been assigned an average recommendation of “Buy” from the fifteen ratings firms that are covering the stock, Marketbeat.com reports. Fifteen equities research analysts have rated the stock with a buy rating. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $48.40.

IMVT has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Thursday, May 30th. UBS Group cut their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Oppenheimer decreased their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, June 3rd. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th.

Immunovant Price Performance

NASDAQ IMVT opened at $31.52 on Friday. The company’s fifty day moving average is $28.23 and its two-hundred day moving average is $30.20. Immunovant has a 52-week low of $19.50 and a 52-week high of $45.58. The firm has a market capitalization of $4.61 billion, a price-to-earnings ratio of -16.59 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released its earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same period last year, the business earned ($0.57) earnings per share. As a group, sell-side analysts expect that Immunovant will post -2.11 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 2,813 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $78,088.88. Following the completion of the sale, the chief technology officer now directly owns 144,926 shares of the company’s stock, valued at approximately $4,023,145.76. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Immunovant news, insider Michael Geffner sold 3,456 shares of Immunovant stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total transaction of $95,938.56. Following the transaction, the insider now directly owns 138,160 shares in the company, valued at $3,835,321.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CTO Jay S. Stout sold 2,813 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total value of $78,088.88. Following the completion of the transaction, the chief technology officer now directly owns 144,926 shares of the company’s stock, valued at $4,023,145.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 31,475 shares of company stock worth $904,638. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IMVT. Boxer Capital LLC lifted its position in Immunovant by 33.3% in the 4th quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock valued at $42,130,000 after acquiring an additional 250,000 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in shares of Immunovant by 590.7% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 42,865 shares of the company’s stock valued at $1,806,000 after purchasing an additional 36,659 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of Immunovant by 198.0% during the second quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock worth $8,224,000 after buying an additional 207,003 shares during the period. ADAR1 Capital Management LLC bought a new position in shares of Immunovant during the fourth quarter worth about $5,651,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Immunovant by 98.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock valued at $2,319,000 after buying an additional 35,589 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.