Immunovant, Inc. (NASDAQ:IMVT) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned an average rating of “Moderate Buy” from the twelve brokerages that are presently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and eight have issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $44.00.

A number of equities analysts have recently commented on the company. Citigroup reiterated a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. HC Wainwright restated a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. JPMorgan Chase & Co. lifted their price objective on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $33.62 on Wednesday. Immunovant has a 12-month low of $15.95 and a 12-month high of $45.42. The firm’s 50-day moving average price is $39.16 and its 200-day moving average price is $34.24. The stock has a market capitalization of $6.94 billion, a price-to-earnings ratio of -11.92 and a beta of 0.84.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the company posted ($0.71) EPS. On average, equities analysts predict that Immunovant will post -2.96 EPS for the current fiscal year.

Insider Activity

In related news, CTO Jay Stout sold 3,487 shares of the company’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer directly owned 208,198 shares in the company, valued at approximately $8,234,230.90. This represents a 1.65% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $43.27, for a total transaction of $64,905.00. Following the completion of the sale, the director directly owned 116,731 shares of the company’s stock, valued at approximately $5,050,950.37. The trade was a 1.27% decrease in their position. 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 a total of 11,075 shares of company stock valued at $434,518 in the last quarter. 1.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of IMVT. Quantbot Technologies LP purchased a new stake in shares of Immunovant during the second quarter valued at $87,000. Nykredit A S purchased a new position in Immunovant in the 2nd quarter worth about $174,000. State of Wyoming bought a new stake in Immunovant during the 2nd quarter valued at about $208,000. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Immunovant during the 2nd quarter valued at about $223,000. Finally, Keybank National Association OH purchased a new stake in Immunovant in the 1st quarter valued at about $342,000. Institutional investors own 47.08% of the company’s stock.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.