Immunovant’s (IMVT) “Buy” Rating Reiterated at Guggenheim

Guggenheim reiterated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research report released on Thursday,Benzinga reports.

A number of other brokerages also recently commented on IMVT. Bank of America dropped their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday. Jefferies Financial Group began coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective on the stock. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Wells Fargo & Company reduced their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Wednesday. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $41.70.

Immunovant Trading Down 0.3 %

Shares of NASDAQ IMVT opened at $19.64 on Thursday. Immunovant has a 12-month low of $17.01 and a 12-month high of $34.47. The stock has a market cap of $3.34 billion, a PE ratio of -7.50 and a beta of 0.68. The company has a 50-day moving average of $20.86 and a 200 day moving average of $25.68.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, sell-side analysts forecast that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,195 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the transaction, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. This trade represents a 1.54 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Eva Renee Barnett sold 4,105 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $98,930.50. Following the transaction, the chief financial officer now owns 327,064 shares of the company’s stock, valued at $7,882,242.40. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock worth $813,686 over the last 90 days. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its holdings in shares of Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after buying an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after buying an additional 91,259 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Immunovant by 69.9% during the third 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 in the last quarter. ABC Arbitrage SA purchased a new stake in shares of Immunovant during the fourth quarter worth about $734,000. Finally, State Street Corp grew its holdings in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares in the last quarter. 47.08% of the stock is currently 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.