Immunovant, Inc. (NASDAQ:IMVT) Receives Average Rating of “Hold” from Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have received an average recommendation of “Hold” from the eleven analysts that are covering the company, Marketbeat reports. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $39.70.

Several brokerages have weighed in on IMVT. HC Wainwright upped their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Sanford C. Bernstein assumed coverage on Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 price target on the stock. The Goldman Sachs Group lifted their price objective on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Guggenheim upped their price objective on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Citigroup increased their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th.

Immunovant Stock Performance

Immunovant stock opened at $38.96 on Friday. The company has a market capitalization of $8.00 billion, a PE ratio of -14.01 and a beta of 0.76. The company has a 50 day moving average price of $34.57 and a 200-day moving average price of $29.10. Immunovant has a fifty-two week low of $14.32 and a fifty-two week high of $41.23.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the company earned ($0.64) earnings per share. On average, analysts forecast that Immunovant will post -2.65 earnings per share for the current year.

Insider Transactions at Immunovant

In related news, Director Atul Pande sold 1,500 shares of Immunovant stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.01, for a total transaction of $57,015.00. Following the transaction, the director directly owned 116,731 shares of the company’s stock, valued at $4,436,945.31. This trade represents a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Jay S. Stout sold 3,487 shares of the business’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $137,910.85. Following the completion of the transaction, the chief technology officer directly owned 208,198 shares of the company’s stock, valued at $8,234,230.90. This trade represents a 1.65% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 355,826 shares of company stock worth $12,262,730. Insiders own 1.80% of the company’s stock.

Institutional Trading of Immunovant

Hedge funds have recently bought and sold shares of the stock. Deep Track Capital LP increased its holdings in shares of Immunovant by 2.4% in the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock valued at $156,829,000 after acquiring an additional 228,845 shares during the period. Vanguard Group Inc. boosted its position in Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after purchasing an additional 952,504 shares in the last quarter. Armistice Capital LLC grew its stake in Immunovant by 12.2% in the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after purchasing an additional 636,000 shares during the last quarter. Morgan Stanley grew its stake in Immunovant by 147.4% in the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. Finally, State Street Corp raised its holdings in Immunovant by 30.9% in the fourth quarter. State Street Corp now owns 3,786,926 shares of the company’s stock worth $96,264,000 after purchasing an additional 894,308 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.