Immunovant, Inc. (NASDAQ:IMVT) Receives $43.55 Consensus Price Target from Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned a consensus recommendation of “Moderate Buy” from the thirteen analysts that are presently covering the company, Marketbeat.com reports. Two analysts have rated the stock with a hold recommendation, ten have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $43.55.

A number of equities research analysts recently issued reports on IMVT shares. Wells Fargo & Company dropped their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Guggenheim decreased their price target on Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Bank of America decreased their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th.

Insider Buying and Selling

In related news, insider William L. Macias sold 2,383 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total transaction of $56,786.89. Following the completion of the sale, the insider now directly owns 359,408 shares of the company’s stock, valued at approximately $8,564,692.64. This trade represents a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the sale, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,510 shares of company stock valued at $656,886. 5.90% of the stock is owned by company insiders.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. grew its holdings in Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock valued at $9,561,000 after purchasing an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the period. Principal Financial Group Inc. grew its holdings in Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the period. ABC Arbitrage SA bought a new position in Immunovant during the fourth quarter valued at $734,000. Finally, State Street Corp grew its holdings in Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Trading Up 2.6 %

NASDAQ IMVT opened at $20.02 on Tuesday. Immunovant has a 12 month low of $17.65 and a 12 month high of $35.97. The stock has a 50-day simple moving average of $21.85 and a 200 day simple moving average of $26.52. The company has a market capitalization of $3.40 billion, a PE ratio of -7.64 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, sell-side analysts predict that Immunovant will post -2.69 earnings per share 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.