Immunovant, Inc. (NASDAQ:IMVT) Given Consensus Recommendation of “Buy” by Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus rating of “Buy” from the eleven ratings firms that are covering the stock, MarketBeat reports. Eleven research analysts have rated the stock with a buy recommendation. The average 1-year price target among brokers that have issued a report on the stock in the last year is $48.10.

IMVT has been the subject of several research reports. Oppenheimer upped their target price on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. HC Wainwright reissued a “buy” rating and set a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. UBS Group lowered their price target on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th.

Insider Transactions at Immunovant

In related news, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now owns 338,614 shares of the company’s stock, valued at $10,009,429.84. The trade was a 1.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $424,811.40. Following the transaction, the chief executive officer now owns 978,097 shares of the company’s stock, valued at $24,892,568.65. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,659 shares of company stock valued at $2,096,890 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently bought and sold shares of the business. FMR LLC increased its stake in shares of Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after purchasing an additional 2,053,688 shares in the last quarter. Armistice Capital LLC increased its stake in Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after buying an additional 1,232,909 shares in the last quarter. Baker BROS. Advisors LP increased its stake in Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after buying an additional 760,692 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Immunovant by 11.2% during the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after acquiring an additional 650,506 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its position in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after acquiring an additional 391,436 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Trading Up 1.2 %

NASDAQ IMVT opened at $26.87 on Friday. The stock has a market cap of $3.94 billion, a PE ratio of -12.10 and a beta of 0.66. Immunovant has a 12 month low of $24.61 and a 12 month high of $45.58. The company’s 50-day moving average price is $29.08 and its 200-day moving average price is $28.90.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period last year, the firm earned ($0.45) EPS. As a group, sell-side analysts forecast that Immunovant will post -2.7 earnings per share for the current year.

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.