Immunovant (NASDAQ:IMVT) Given Neutral Rating at UBS Group

UBS Group reissued their neutral rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a $17.00 price target on the stock, down from their previous price target of $38.00.

Several other equities analysts also recently weighed in on IMVT. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Guggenheim reiterated a “buy” rating on shares of Immunovant in a research note on Thursday, March 20th. HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Bank of America dropped their price target 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. Finally, Jefferies Financial Group started coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $38.33.

Immunovant Stock Down 1.5 %

NASDAQ IMVT opened at $14.25 on Tuesday. The company has a 50-day moving average price of $17.84 and a 200-day moving average price of $23.38. Immunovant has a 52 week low of $12.72 and a 52 week high of $34.47. The firm has a market capitalization of $2.42 billion, a P/E ratio of -5.44 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, equities research analysts anticipate that Immunovant will post -2.69 EPS for the current year.

Insider Buying and Selling

In related news, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the sale, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. The trade was a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 28,094 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value of $364,941.06. Following the transaction, the chief executive officer now owns 1,186,512 shares of the company’s stock, valued at $15,412,790.88. This represents a 2.31 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 47,408 shares of company stock worth $690,207. 5.90% of the stock is owned by insiders.

Institutional Trading of Immunovant

Several hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. raised its stake in Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares in the last quarter. ABC Arbitrage SA purchased a new stake in shares of Immunovant during the 4th quarter valued at about $734,000. Geode Capital Management LLC raised its position in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after buying an additional 96,924 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after acquiring an additional 20,614 shares during the last quarter. Finally, Rhumbline Advisers grew its position in Immunovant by 1.5% in 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 in the last quarter. 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.