Bank of America Cuts Immunovant (NASDAQ:IMVT) Price Target to $33.00

Immunovant (NASDAQ:IMVT) had its target price cut by Bank of America from $38.00 to $33.00 in a research note released on Thursday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also recently weighed in on IMVT. Jefferies Financial Group started coverage on Immunovant in a report on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. Guggenheim restated a “buy” rating on shares of Immunovant in a research note on Monday, March 10th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Wednesday. Finally, Wells Fargo & Company reduced their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Immunovant currently has an average rating of “Buy” and a consensus price target of $41.70.

Immunovant Stock Down 0.3 %

Shares of IMVT opened at $19.64 on Thursday. The stock has a market cap of $3.34 billion, a P/E ratio of -7.50 and a beta of 0.68. Immunovant has a 52 week low of $17.01 and a 52 week high of $34.47. The business’s 50 day moving average price is $20.86 and its 200-day moving average price is $25.68.

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

Insiders Place Their Bets

In other news, insider Michael Geffner sold 2,657 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $62,678.63. Following the completion of the transaction, the insider now owns 132,314 shares in the company, valued at $3,121,287.26. This trade represents a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the transaction, the director now 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,510 shares of company stock worth $813,686. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in IMVT. Victory Capital Management Inc. grew its position 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 valued at $9,561,000 after purchasing an additional 22,990 shares in the last quarter. KBC Group NV lifted its holdings in shares of Immunovant by 46.2% in 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 during the last quarter. B. Metzler seel. Sohn & Co. Holding AG bought a new position in shares of Immunovant in the 3rd quarter valued at about $517,000. Intech Investment Management LLC bought a new position in shares of Immunovant in the 3rd quarter valued at about $622,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after acquiring an additional 91,259 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.