Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $47.00

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus rating of “Buy” from the twelve research firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $46.73.

Several research analysts recently issued reports on the stock. Guggenheim reduced their target price on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, February 7th. Wells Fargo & Company cut their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Bank of America cut their price objective 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. Finally, Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd.

Insider Activity

In related news, insider Mark S. Levine sold 3,650 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the transaction, 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Eva Renee Barnett sold 4,174 shares of the business’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 transaction, the chief financial officer now owns 331,169 shares in the company, valued at $8,428,251.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,892 shares of company stock worth $1,811,857 over the last 90 days. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of the business. KBC Group NV boosted its position in 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 acquiring an additional 612 shares during the last quarter. 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 worth $148,000 after acquiring an additional 934 shares during the last quarter. Rhumbline Advisers boosted its position in Immunovant by 1.5% during the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after acquiring an additional 1,188 shares during the last quarter. Swiss National Bank raised its stake in Immunovant by 1.2% during the fourth quarter. Swiss National Bank now owns 100,800 shares of the company’s stock worth $2,497,000 after purchasing an additional 1,200 shares during the period. Finally, 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 purchasing an additional 1,228 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Price Performance

Shares of Immunovant stock opened at $19.86 on Friday. The firm has a fifty day moving average price of $24.20 and a 200 day moving average price of $27.60. Immunovant has a 1 year low of $19.07 and a 1 year high of $39.55. The stock has a market cap 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 (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, equities analysts expect that Immunovant will post -2.74 EPS for the current year.

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.