Immunovant (NASDAQ:IMVT) Earns Buy Rating from HC Wainwright

HC Wainwright reissued their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report issued on Wednesday morning,Benzinga reports. They currently have a $51.00 target price on the stock.

A number of other equities research analysts have also recently weighed in on the stock. Bank of America dropped their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company decreased their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a research note on Monday, March 10th. Finally, Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $41.70.

Immunovant Stock Performance

Shares of Immunovant stock opened at $19.64 on Wednesday. Immunovant has a fifty-two week low of $17.01 and a fifty-two week high of $34.47. The firm has a market capitalization of $3.34 billion, a price-to-earnings ratio of -7.50 and a beta of 0.68. The stock has a 50 day moving average of $20.86 and a 200 day moving average of $25.71.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Analysts forecast that Immunovant will post -2.69 EPS for the current year.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. acquired a new stake in Immunovant in the fourth quarter valued at $76,000. Two Seas Capital LP raised its position in shares of Immunovant by 123.4% during the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after acquiring an additional 835,000 shares in the last quarter. Vestal Point Capital LP purchased a new stake in Immunovant during the fourth quarter worth approximately $1,115,000. Twinbeech Capital LP acquired a new position in Immunovant in the fourth quarter valued at approximately $314,000. Finally, Two Sigma Advisers LP purchased a new position in Immunovant in the fourth quarter valued at approximately $270,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.