Immunovant (NASDAQ:IMVT) Given “Overweight” Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Monday, Benzinga reports. They currently have a $30.00 price objective on the stock.

A number of other research firms have also recently weighed in on IMVT. Bank of America lifted their target price on shares of Immunovant from $26.00 to $28.00 in a research note on Tuesday, May 23rd. HC Wainwright restated a buy rating and issued a $29.00 target price on shares of Immunovant in a research note on Friday, August 11th. Truist Financial reissued a buy rating and issued a $30.00 price objective on shares of Immunovant in a research note on Wednesday, August 16th. Guggenheim increased their price target on shares of Immunovant from $30.00 to $32.00 in a research report on Tuesday, May 23rd. Finally, Chardan Capital reaffirmed a buy rating on shares of Immunovant in a research report on Monday, July 10th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average target price of $27.92.

Immunovant Price Performance

NASDAQ IMVT opened at $21.94 on Monday. The stock has a market capitalization of $2.87 billion, a price-to-earnings ratio of -11.37 and a beta of 0.91. The business’s fifty day moving average price is $21.78 and its 200-day moving average price is $19.34. Immunovant has a 1-year low of $4.26 and a 1-year high of $25.13.

Insider Activity

In related news, CEO Peter Salzmann sold 3,233 shares of Immunovant stock in a transaction that occurred on Wednesday, July 12th. The stock was sold at an average price of $19.73, for a total transaction of $63,787.09. Following the transaction, the chief executive officer now owns 1,231,136 shares in the company, valued at $24,290,313.28. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Immunovant news, CEO Peter Salzmann sold 3,233 shares of the business’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $19.73, for a total value of $63,787.09. Following the transaction, the chief executive officer now directly owns 1,231,136 shares in the company, valued at approximately $24,290,313.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eva Renee Barnett sold 14,386 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $20.30, for a total value of $292,035.80. Following the sale, the chief financial officer now directly owns 335,477 shares of the company’s stock, valued at $6,810,183.10. The disclosure for this sale can be found here. Insiders sold 299,614 shares of company stock worth $6,457,305 over the last three months. Insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Ensign Peak Advisors Inc increased its position in Immunovant by 72.6% during the 3rd quarter. Ensign Peak Advisors Inc now owns 6,350 shares of the company’s stock worth $35,000 after purchasing an additional 2,670 shares during the period. UBS Group AG grew its position in shares of Immunovant by 205.7% in the third quarter. UBS Group AG now owns 6,978 shares of the company’s stock valued at $39,000 after purchasing an additional 4,695 shares during the last quarter. Barclays PLC grew its position in shares of Immunovant by 2,558.1% in the second quarter. Barclays PLC now owns 2,286 shares of the company’s stock valued at $43,000 after purchasing an additional 2,200 shares during the last quarter. Metropolitan Life Insurance Co NY grew its position in shares of Immunovant by 24.7% in the second quarter. Metropolitan Life Insurance Co NY now owns 2,951 shares of the company’s stock valued at $56,000 after purchasing an additional 585 shares during the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Immunovant by 17.6% in the second quarter. Principal Financial Group Inc. now owns 15,327 shares of the company’s stock valued at $60,000 after purchasing an additional 2,293 shares during the last quarter. 42.45% of the stock is currently owned by institutional investors and hedge funds.

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 selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia.