Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Price Target at $41.00

Immunovant, Inc. (NASDAQ:IMVT) has received an average recommendation of “Buy” from the ten ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $41.00.

Several research firms have weighed in on IMVT. HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Bank of America lowered their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Jefferies Financial Group initiated coverage on shares of Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 target price on the stock. Finally, 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 report on Thursday, December 19th.

Immunovant Stock Performance

IMVT opened at $14.58 on Friday. The stock has a market capitalization of $2.48 billion, a price-to-earnings ratio of -5.56 and a beta of 0.81. The company has a fifty day moving average of $19.60 and a 200 day moving average of $24.77. Immunovant has a fifty-two week low of $14.16 and a fifty-two week high of $34.47.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). On average, equities research analysts forecast that Immunovant will post -2.69 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 2,195 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were 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 of the company’s stock, valued at approximately $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the transaction, the director now directly owns 91,913 shares in the company, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,510 shares of company stock worth $813,686. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new stake in Immunovant in the fourth quarter worth about $76,000. KBC Group NV raised its holdings in shares of Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in shares of Immunovant in the 4th quarter worth approximately $221,000. KLP Kapitalforvaltning AS bought a new position in shares of Immunovant during the fourth quarter valued at approximately $268,000. Finally, Aigen Investment Management LP purchased a new position in Immunovant during the fourth quarter valued at approximately $270,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.