Immunovant (NASDAQ:IMVT) Price Target Lowered to $45.00 at Wells Fargo & Company

Immunovant (NASDAQ:IMVT) had its price objective decreased by equities research analysts at Wells Fargo & Company from $47.00 to $45.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 72.28% from the stock’s current price.

A number of other research analysts also recently commented on IMVT. Oppenheimer lifted their price objective on shares of 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 target on shares of Immunovant in a research report on Friday, November 8th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Immunovant presently has an average rating of “Buy” and a consensus target price of $47.60.

Immunovant Price Performance

IMVT stock traded down $0.13 during midday trading on Thursday, hitting $26.12. The company’s stock had a trading volume of 38,829 shares, compared to its average volume of 1,056,448. The company’s fifty day moving average price is $28.70 and its 200 day moving average price is $28.73. Immunovant has a twelve month low of $24.61 and a twelve month high of $45.58. The stock has a market capitalization of $3.83 billion, a P/E ratio of -11.77 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last released 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 last year, the company posted ($0.45) earnings per share. Equities analysts expect that Immunovant will post -2.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Mark S. Levine sold 3,650 shares of the firm’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 $92,892.50. Following the completion of the transaction, the insider now owns 319,228 shares of the company’s stock, valued at approximately $8,124,352.60. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eva Renee Barnett sold 4,174 shares of the business’s stock in a transaction on 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 approximately $8,428,251.05. This represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock valued at $2,096,890 in the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. KBC Group NV raised its holdings in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after purchasing an additional 612 shares during the last quarter. Quest Partners LLC increased its position in shares of Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after buying an additional 1,786 shares during the period. Assetmark Inc. raised 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 buying an additional 1,228 shares during the last quarter. Headlands Technologies LLC acquired a new position in Immunovant in the second quarter valued at $77,000. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after acquiring an additional 934 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.