Analysts Set Immunovant, Inc. (NASDAQ:IMVT) PT at $48.10

Shares of Immunovant, Inc. (NASDAQ:IMVT) have earned a consensus recommendation of “Buy” from the eleven analysts that are covering the stock, Marketbeat reports. Eleven investment analysts have rated the stock with a buy recommendation. The average 1-year price target among analysts that have issued a report on the stock in the last year is $48.10.

A number of analysts recently weighed in on IMVT shares. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. UBS Group lowered their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Raymond James reiterated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. Oppenheimer upped their price target on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Monday, September 30th.

Insider Transactions at Immunovant

In other Immunovant news, insider Mark S. Levine sold 4,361 shares of Immunovant stock in a transaction that occurred on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $128,780.33. Following the completion of the sale, the insider now directly owns 322,878 shares of the company’s stock, valued at approximately $9,534,587.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Peter Salzmann sold 9,095 shares of Immunovant stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total value of $261,845.05. Following the transaction, the chief executive officer now owns 994,789 shares in the company, valued at approximately $28,639,975.31. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark S. Levine sold 4,361 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total value of $128,780.33. Following the sale, the insider now owns 322,878 shares of the company’s stock, valued at $9,534,587.34. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,277 shares of company stock valued at $941,919 over the last three months. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Assetmark Inc. increased its position in shares of Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after acquiring an additional 1,228 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares during the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Immunovant by 64.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 28,151 shares of the company’s stock valued at $803,000 after buying an additional 10,991 shares during the period. abrdn plc grew its position in shares of Immunovant by 19.5% during the 3rd quarter. abrdn plc now owns 478,757 shares of the company’s stock valued at $13,649,000 after buying an additional 78,035 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after acquiring an additional 934 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Trading Up 0.4 %

NASDAQ:IMVT opened at $29.39 on Wednesday. Immunovant has a 12-month low of $24.67 and a 12-month high of $45.58. The stock’s 50 day simple moving average is $29.87 and its 200-day simple moving average is $28.92. The firm has a market cap of $4.30 billion, a P/E ratio of -15.23 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same quarter in the prior year, the business earned ($0.57) EPS. Research analysts forecast that Immunovant will post -2.41 EPS for the current fiscal year.

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.