Immunovant, Inc. (NASDAQ:IMVT) Stock Has Consensus Target Price of $44.00

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus rating of “Moderate Buy” from the twelve brokerages that are covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and eight have assigned a buy recommendation to the company. The average 12-month target price among brokers that have covered the stock in the last year is $44.00.

IMVT has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. JPMorgan Chase & Co. lifted their target price 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. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, October 2nd. Finally, Citigroup reaffirmed a “positive” rating on shares of Immunovant in a report on Thursday, September 24th.

Insider Activity

In other news, CEO Eric Venker sold 3,506 shares of the business’s stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $34.11, for a total transaction of $119,589.66. Following the sale, the chief executive officer directly owned 257,075 shares of the company’s stock, valued at $8,768,828.25. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay Stout sold 2,595 shares of the company’s stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $28.94, for a total value of $75,099.30. Following the completion of the transaction, the chief technology officer directly owned 198,937 shares in the company, valued at approximately $5,757,236.78. The trade was a 1.29% decrease in their ownership of the stock. 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. Over the last ninety days, insiders sold 24,430 shares of company stock valued at $787,852. 1.90% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in Immunovant during the 2nd quarter worth about $276,680,000. Two Seas Capital LP raised its stake in shares of Immunovant by 46.5% during the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock valued at $155,817,000 after buying an additional 1,464,187 shares during the last quarter. Jennison Associates LLC raised its stake in shares of Immunovant by 356.4% during the 1st 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 raised its stake in shares of Immunovant by 8.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after buying an additional 198,042 shares during the last quarter. Finally, Bank of America Corp DE acquired a new position in shares of Immunovant in the 2nd quarter valued at about $45,521,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Stock Performance

Immunovant stock opened at $29.17 on Friday. The stock has a 50-day moving average of $34.56 and a two-hundred day moving average of $32.04. Immunovant has a one year low of $21.43 and a one year high of $45.42. The stock has a market cap of $6.03 billion, a PE ratio of -10.34 and a beta of 0.84.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period in the previous year, the company posted ($0.71) earnings per share. As a group, sell-side analysts predict that Immunovant will post -2.96 EPS for the current fiscal year.

About Immunovant

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.