Immunovant’s (IMVT) “Buy” Rating Reaffirmed at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Friday,Benzinga reports. They currently have a $51.00 target price on the stock.

Several other analysts have also recently commented on IMVT. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. Wells Fargo & Company dropped their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Raymond James restated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a report on Thursday, October 10th. Finally, Bank of America reduced their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $47.00.

Immunovant Price Performance

Shares of NASDAQ IMVT opened at $20.41 on Friday. The company has a 50-day simple moving average of $24.91 and a 200-day simple moving average of $27.84. The company has a market cap of $3.47 billion, a PE ratio of -9.19 and a beta of 0.65. Immunovant has a 12 month low of $19.86 and a 12 month high of $39.55.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, analysts anticipate that Immunovant will post -2.84 EPS for the current year.

Insider Activity at Immunovant

In other news, CFO Eva Renee Barnett sold 4,174 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $106,228.30. Following the completion of the sale, the chief financial officer now directly owns 331,169 shares in the company, valued at $8,428,251.05. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the sale, the insider now directly owns 319,228 shares in the company, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. KBC Group NV grew 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 in the last quarter. Assetmark Inc. grew its holdings in Immunovant by 73.8% during the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after acquiring an additional 1,228 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of 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 purchasing an additional 934 shares during the last quarter. Bank Pictet & Cie Europe AG acquired a new stake in shares of Immunovant in the 3rd quarter valued at about $261,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Immunovant in the 4th quarter valued at about $270,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.