Immunovant (NASDAQ:IMVT) Receives Buy Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report released on Friday,Benzinga reports. The brokerage currently has a $51.00 price objective on the stock.

IMVT has been the topic of several other research reports. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Oppenheimer lifted their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Raymond James reissued an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Finally, UBS Group lowered their price objective 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. Eleven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant has an average rating of “Buy” and a consensus price target of $48.10.

Immunovant Stock Up 2.4 %

IMVT stock opened at $30.65 on Friday. The company’s 50-day moving average price is $29.76 and its two-hundred day moving average price is $28.97. The firm has a market cap of $4.49 billion, a P/E ratio of -13.81 and a beta of 0.66. Immunovant has a 12 month low of $24.67 and a 12 month high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the company earned ($0.45) EPS. Equities analysts predict that Immunovant will post -2.42 EPS for the current year.

Insider Buying and Selling

In other Immunovant news, CTO Jay S. Stout sold 2,740 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $80,912.20. Following the completion of the transaction, the chief technology officer now directly owns 142,186 shares in the company, valued at approximately $4,198,752.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Peter Salzmann sold 9,095 shares of Immunovant stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total value of $261,845.05. Following the transaction, the chief executive officer now directly owns 994,789 shares of the company’s stock, valued at $28,639,975.31. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,740 shares of the company’s stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $80,912.20. Following the completion of the sale, the chief technology officer now owns 142,186 shares in the company, valued at $4,198,752.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 32,277 shares of company stock worth $941,919 in the last ninety days. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. KBC Group NV increased its position in shares of Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares during the period. Quest Partners LLC lifted its stake in shares of Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares during the period. Headlands Technologies LLC bought a new stake in shares of Immunovant during the 2nd quarter valued at about $77,000. Assetmark Inc. grew its stake in Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after purchasing an additional 1,228 shares during the period. Finally, EntryPoint Capital LLC increased its holdings in Immunovant by 288.8% in the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after purchasing an additional 2,163 shares in 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.