Immunovant (NASDAQ:IMVT) Price Target Raised to $30.00 at Truist Financial

Immunovant (NASDAQ:IMVT) had its price target upped by investment analysts at Truist Financial from $23.00 to $30.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s target price would suggest a potential downside of 13.57% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Citigroup reissued a “buy” rating on shares of Immunovant in a research note on Thursday. Guggenheim boosted their target price on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Sanford C. Bernstein initiated coverage on shares of Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 target price for the company. Finally, HC Wainwright boosted their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $35.33.

Immunovant Stock Performance

IMVT stock traded up $0.58 during mid-day trading on Friday, reaching $34.71. 415,383 shares of the stock traded hands, compared to its average volume of 1,638,237. Immunovant has a one year low of $13.79 and a one year high of $36.28. The stock has a market capitalization of $7.06 billion, a PE ratio of -12.48 and a beta of 0.70. The business has a 50-day moving average price of $26.65 and a two-hundred day moving average price of $25.85.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the company posted ($0.64) EPS. On average, equities analysts expect that Immunovant will post -2.6 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 2,754 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $81,573.48. Following the completion of the sale, the chief technology officer directly owned 251,685 shares of the company’s stock, valued at $7,454,909.70. This represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 6,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $32.00, for a total transaction of $192,000.00. Following the completion of the sale, the director directly owned 116,731 shares of the company’s stock, valued at approximately $3,735,392. This trade represents a 4.89% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 78,141 shares of company stock valued at $2,115,713 over the last quarter. 1.80% of the stock is owned by company insiders.

Institutional Trading of Immunovant

A number of hedge funds have recently added to or reduced their stakes in IMVT. RTW Investments LP purchased a new stake in Immunovant in the fourth quarter worth about $80,781,000. Morgan Stanley lifted its position in shares of Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares during the last quarter. Jennison Associates LLC lifted its position in shares of Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after buying an additional 2,496,241 shares during the last quarter. ADAR1 Capital Management LLC lifted its position in shares of Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after buying an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP lifted its position in shares of Immunovant by 400.0% during the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after buying an additional 1,100,000 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.