Immunovant (NASDAQ:IMVT) Price Target Lowered to $33.00 at Bank of America

Immunovant (NASDAQ:IMVT) had its price target lowered by Bank of America from $38.00 to $33.00 in a report published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other brokerages have also weighed in on IMVT. HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research report on Wednesday. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Guggenheim reiterated a “buy” rating on shares of Immunovant in a research report on Monday, March 10th. Wells Fargo & Company cut their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Finally, Jefferies Financial Group assumed coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 target price for the company. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $41.70.

Immunovant Stock Performance

IMVT opened at $19.69 on Thursday. The firm has a market cap of $3.34 billion, a P/E ratio of -7.52 and a beta of 0.68. The firm has a 50-day moving average of $20.94 and a 200 day moving average of $25.79. Immunovant has a fifty-two week low of $17.01 and a fifty-two week high of $35.97.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities research analysts predict that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In related news, insider William L. Macias sold 2,383 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the sale, the insider now directly owns 359,408 shares of the company’s stock, valued at $8,564,692.64. This trade represents a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 4,105 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $98,930.50. Following the completion of the sale, the chief financial officer now directly owns 327,064 shares in the company, valued at $7,882,242.40. This represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,510 shares of company stock valued at $813,686 over the last three months. 5.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. FMR LLC raised its stake in shares of Immunovant by 4.5% during the fourth quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after acquiring an additional 560,344 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Immunovant by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock worth $165,449,000 after acquiring an additional 20,614 shares in the last quarter. Deep Track Capital LP raised its stake in shares of Immunovant by 38.0% during the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after acquiring an additional 1,652,536 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Immunovant by 53.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after acquiring an additional 1,786,217 shares in the last quarter. Finally, State Street Corp raised its stake in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Immunovant

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.