Bank of America Cuts Immunovant (NASDAQ:IMVT) Price Target to $45.00

Immunovant (NASDAQ:IMVT) had its price target trimmed by Bank of America from $48.00 to $45.00 in a research note published on Wednesday,Benzinga reports. The firm currently has a buy rating on the stock.

IMVT has been the subject of a number of other research reports. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research report on Friday, November 8th. Wells Fargo & Company decreased their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Oppenheimer upped their price target on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Raymond James restated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Finally, Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, Immunovant presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Immunovant Stock Up 6.6 %

NASDAQ IMVT opened at $24.40 on Wednesday. The company has a 50-day moving average price of $26.79 and a 200-day moving average price of $28.56. Immunovant has a 52 week low of $22.41 and a 52 week high of $42.44.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the previous year, the company earned ($0.45) EPS. On average, equities analysts predict that Immunovant will post -2.75 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, CFO Eva Renee Barnett sold 4,174 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 value of $106,228.30. Following the completion of the transaction, the chief financial officer now directly owns 331,169 shares of the company’s stock, valued at approximately $8,428,251.05. This trade represents a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Mark S. Levine sold 4,361 shares of the company’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $128,780.33. Following the sale, the insider now directly owns 322,878 shares in the company, valued at approximately $9,534,587.34. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 61,693 shares of company stock valued at $1,586,625. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV lifted 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 purchasing an additional 612 shares during the last quarter. Quest Partners LLC raised its holdings in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after acquiring an additional 1,786 shares in the last quarter. Assetmark Inc. lifted its stake in Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after acquiring an additional 1,228 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position 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 purchasing an additional 934 shares during the period. Finally, Bank Pictet & Cie Europe AG bought a new position in shares of Immunovant during the third quarter valued at approximately $261,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.