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

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a research note issued to investors on Friday,Benzinga reports. They currently have a $51.00 price objective on the stock. HC Wainwright’s price objective suggests a potential upside of 150.28% from the stock’s current price.

Other analysts also recently issued reports about the company. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Wells Fargo & Company lowered their price objective 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. Raymond James reissued an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Finally, Bank of America lowered their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. One analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Immunovant currently has a consensus rating of “Buy” and a consensus target price of $47.00.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $0.02 during mid-day trading on Friday, reaching $20.38. The company had a trading volume of 1,257,351 shares, compared to its average volume of 1,265,662. The firm has a market cap of $3.46 billion, a price-to-earnings ratio of -9.18 and a beta of 0.65. The business’s 50-day simple moving average is $24.91 and its 200 day simple moving average is $27.84. Immunovant has a one year low of $19.86 and a one year high of $39.55.

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

Insiders Place Their Bets

In related news, CFO Eva Renee Barnett sold 4,174 shares of the stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $106,228.30. Following the completion of the transaction, the chief financial officer now owns 331,169 shares in the company, valued at approximately $8,428,251.05. This represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the sale, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. This represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,892 shares of company stock valued at $1,811,857. Corporate insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds have recently modified their holdings of IMVT. Handelsbanken Fonder AB boosted its position in Immunovant by 29.0% during the third quarter. Handelsbanken Fonder AB now owns 20,900 shares of the company’s stock worth $596,000 after purchasing an additional 4,700 shares during the period. Exchange Traded Concepts LLC boosted its holdings in Immunovant by 53.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 27,122 shares of the company’s stock worth $773,000 after buying an additional 9,438 shares during the period. Bank Pictet & Cie Europe AG purchased a new position in Immunovant in the 3rd quarter valued at approximately $261,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in Immunovant by 21.4% during the 3rd 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 period. Finally, abrdn plc raised its holdings in Immunovant by 19.5% during the 3rd quarter. abrdn plc now owns 478,757 shares of the company’s stock valued at $13,649,000 after acquiring an additional 78,035 shares during the period. 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.