Immunovant, Inc. (NASDAQ:IMVT) Receives Consensus Rating of “Buy” from Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has been assigned an average recommendation of “Buy” from the seventeen ratings firms that are covering the stock, Marketbeat.com reports. Seventeen equities research analysts have rated the stock with a buy rating. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $48.00.

IMVT has been the subject of several research reports. Truist Financial reaffirmed a “buy” rating and issued a $48.00 target price on shares of Immunovant in a research report on Monday, March 25th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Friday, January 12th. The Goldman Sachs Group initiated coverage on Immunovant in a research note on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Oppenheimer began coverage on Immunovant in a research report on Thursday, March 28th. They set an “outperform” rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. initiated coverage on Immunovant in a research note on Tuesday, February 20th. They set an “overweight” rating and a $51.00 price objective for the company.

Immunovant Price Performance

Shares of Immunovant stock opened at $29.58 on Wednesday. The firm has a fifty day moving average price of $30.89 and a two-hundred day moving average price of $35.39. Immunovant has a fifty-two week low of $17.53 and a fifty-two week high of $45.58. The company has a market cap of $4.30 billion, a PE ratio of -16.08 and a beta of 0.70.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 12th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. Analysts expect that Immunovant will post -1.7 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 2,930 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total transaction of $105,919.50. Following the transaction, the chief financial officer now owns 320,420 shares of the company’s stock, valued at approximately $11,583,183. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CEO Peter Salzmann sold 34,079 shares of Immunovant stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $29.06, for a total value of $990,335.74. Following the completion of the sale, the chief executive officer now directly owns 1,052,879 shares in the company, valued at $30,596,663.74. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 2,930 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $36.15, for a total transaction of $105,919.50. Following the transaction, the chief financial officer now owns 320,420 shares in the company, valued at $11,583,183. The disclosure for this sale can be found here. Insiders sold a total of 81,560 shares of company stock valued at $2,424,601 over the last quarter. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Large investors have recently bought and sold shares of the business. Sei Investments Co. raised its position in shares of Immunovant by 11.2% during the 1st quarter. Sei Investments Co. now owns 20,690 shares of the company’s stock valued at $668,000 after acquiring an additional 2,085 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Immunovant by 98.3% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock valued at $2,319,000 after purchasing an additional 35,589 shares during the last quarter. Principal Financial Group Inc. increased its holdings in Immunovant by 32.4% in the first quarter. Principal Financial Group Inc. now owns 582,721 shares of the company’s stock valued at $18,828,000 after purchasing an additional 142,606 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Immunovant by 66.9% in the first quarter. China Universal Asset Management Co. Ltd. now owns 27,936 shares of the company’s stock valued at $903,000 after buying an additional 11,202 shares during the period. Finally, WCM Investment Management LLC boosted its holdings in Immunovant by 58.0% during the first quarter. WCM Investment Management LLC now owns 169,665 shares of the company’s stock worth $5,482,000 after buying an additional 62,264 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.