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

Immunovant, Inc. (NASDAQ:IMVT) has received an average rating of “Buy” from the twelve ratings firms that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $46.73.

A number of analysts recently weighed in on IMVT shares. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. Wells Fargo & Company lowered 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. Guggenheim dropped their price objective on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, February 7th.

Immunovant Stock Performance

Immunovant stock opened at $19.86 on Friday. The company has a 50 day moving average price of $24.20 and a 200-day moving average price of $27.60. Immunovant has a fifty-two week low of $19.07 and a fifty-two week high of $39.55. The company has a market capitalization of $3.37 billion, a PE ratio of -7.58 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last issued its 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 forecast that Immunovant will post -2.74 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 16,692 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the sale, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark S. Levine sold 3,650 shares of the firm’s stock in a transaction that occurred 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 sale, 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 disclosure for this sale can be found here. Insiders sold a total of 72,892 shares of company stock worth $1,811,857 over the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. KBC Group NV raised its holdings in shares of Immunovant by 46.2% in 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 last quarter. Assetmark Inc. raised its holdings in shares of Immunovant by 73.8% in 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. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Immunovant by 21.4% in the third 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 during the last quarter. Bank Pictet & Cie Europe AG purchased a new position in shares of Immunovant in the third quarter worth $261,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Immunovant in the fourth quarter worth $268,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.