Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Price Target at $41.00

Shares of Immunovant, Inc. (NASDAQ:IMVT) have earned a consensus rating of “Buy” from the ten ratings firms that are presently covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation, eight have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $41.00.

A number of brokerages recently issued reports on IMVT. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Jefferies Financial Group initiated coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Wednesday, March 19th. Wells Fargo & Company decreased their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Bank of America cut 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.

Insider Buying and Selling

In other news, CEO Peter Salzmann sold 5,105 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The stock was 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 of the company’s stock, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William L. Macias sold 2,383 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were 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 in the company, valued at $8,564,692.64. This represents a 0.66 % decrease in their ownership of the stock. 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 three months. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. bought a new position in shares of Immunovant during the 4th quarter worth approximately $76,000. KBC Group NV raised its position in Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in shares of Immunovant during the 4th quarter worth $221,000. KLP Kapitalforvaltning AS acquired a new stake in Immunovant in the fourth quarter valued at approximately $268,000. Finally, Aigen Investment Management LP acquired a new stake in shares of Immunovant during the 4th quarter valued at $270,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Trading Up 8.0 %

Immunovant stock opened at $16.42 on Friday. Immunovant has a 52 week low of $14.90 and a 52 week high of $34.47. The stock has a 50 day moving average of $19.93 and a 200-day moving average of $24.94. The stock has a market cap of $2.79 billion, a P/E ratio of -6.27 and a beta of 0.68.

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