Immunovant (NASDAQ:IMVT) Stock Rating Lowered by Wolfe Research

Wolfe Research lowered shares of Immunovant (NASDAQ:IMVT) from an outperform rating to a peer perform rating in a research note published on Friday morning, Marketbeat reports.

Several other equities research analysts have also weighed in on IMVT. Oppenheimer lifted their price target on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Raymond James reissued an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Finally, Wells Fargo & Company lowered their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.22.

Immunovant Trading Down 1.5 %

Shares of NASDAQ:IMVT opened at $24.81 on Friday. The stock’s 50-day moving average price is $27.64 and its 200-day moving average price is $28.71. Immunovant has a 12-month low of $23.88 and a 12-month high of $45.58. The stock has a market capitalization of $3.64 billion, a P/E ratio of -11.18 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the company earned ($0.45) earnings per share. As a group, research analysts predict that Immunovant will post -2.73 EPS for the current year.

Insider Activity

In other news, CEO Peter Salzmann sold 4,460 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $131,837.60. Following the completion of the transaction, the chief executive officer now directly owns 1,003,884 shares in the company, valued at $29,674,811.04. This trade represents a 0.44 % decrease in their ownership of the stock. The sale 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 firm’s stock in a transaction 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 transaction, the chief technology officer now owns 142,186 shares of the company’s stock, valued at $4,198,752.58. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 77,659 shares of company stock worth $2,096,890 over the last three months. 5.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Large investors have recently bought and sold shares of the business. KBC Group NV increased its holdings in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares in the last quarter. Quest Partners LLC increased its holdings in Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after buying an additional 1,786 shares in the last quarter. Assetmark Inc. increased its holdings in Immunovant by 73.8% in the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after buying an additional 1,228 shares in the last quarter. Headlands Technologies LLC bought a new stake in Immunovant in the 2nd quarter worth about $77,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after buying an additional 934 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.