Immunovant, Inc. (NASDAQ:IMVT) Receives Average Rating of “Buy” from Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given a consensus recommendation of “Buy” by the ten analysts that are currently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $41.00.

Several research analysts have recently commented on IMVT shares. Wells Fargo & Company decreased their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. Bank of America lowered their target price on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Jefferies Financial Group began coverage on shares of Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company.

Insiders Place Their Bets

In other news, Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now directly owns 91,913 shares of the company’s stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the sale, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,510 shares of company stock worth $813,686. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several large investors have recently bought and sold shares of IMVT. FMR LLC lifted its stake in shares of Immunovant by 4.5% in the 4th 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 during the period. Vanguard Group Inc. boosted its stake in Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after purchasing an additional 20,614 shares in the last quarter. Deep Track Capital LP increased its position in shares of Immunovant by 38.0% during the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. raised its stake in shares of Immunovant by 53.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after buying an additional 1,786,217 shares in the last quarter. Finally, State Street Corp lifted its holdings in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Price Performance

Shares of IMVT stock opened at $18.37 on Friday. The firm has a fifty day moving average of $20.36 and a two-hundred day moving average of $25.24. The firm has a market cap of $3.12 billion, a P/E ratio of -7.01 and a beta of 0.68. Immunovant has a 1-year low of $17.01 and a 1-year high of $34.47.

Immunovant (NASDAQ:IMVT) last posted its quarterly 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). On average, sell-side analysts expect that Immunovant will post -2.69 EPS for the current year.

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.