Immunovant (NASDAQ:IMVT) Given New $45.00 Price Target at Bank of America

Immunovant (NASDAQ:IMVT) had its price target reduced by Bank of America from $48.00 to $45.00 in a research report released on Wednesday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other equities research analysts also recently issued reports on IMVT. Oppenheimer upped their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Raymond James reiterated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. HC Wainwright reissued a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Finally, Wells Fargo & Company reduced their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Immunovant presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Immunovant Trading Up 0.3 %

Shares of IMVT stock opened at $23.86 on Wednesday. Immunovant has a twelve month low of $22.41 and a twelve month high of $41.38. The company has a market capitalization of $3.50 billion, a PE ratio of -10.75 and a beta of 0.66. The firm has a fifty day simple moving average of $26.53 and a 200-day simple moving average of $28.50.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period last year, the firm earned ($0.45) earnings per share. Equities research analysts predict that Immunovant will post -2.75 EPS for the current year.

Insider Activity

In other news, insider Mark S. Levine sold 4,361 shares of the business’s stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $128,780.33. Following the completion of the transaction, the insider now owns 322,878 shares of the company’s stock, valued at approximately $9,534,587.34. The trade was a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 2,740 shares of the stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $80,912.20. Following the completion of the sale, the chief technology officer now directly owns 142,186 shares in the company, valued at approximately $4,198,752.58. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 75,141 shares of company stock valued at $1,907,091. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

Several hedge funds and other institutional investors have recently made changes to their positions in IMVT. KBC Group NV raised its stake in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after acquiring an additional 612 shares in the last quarter. Quest Partners LLC raised its stake in shares of Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares in the last quarter. Assetmark Inc. lifted its holdings in Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after purchasing an additional 1,228 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after buying an additional 934 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG acquired a new position in Immunovant during the 3rd quarter valued at about $261,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.