Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $38.33

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given an average recommendation of “Moderate Buy” by the ten ratings firms that are currently covering the stock, Marketbeat.com reports. Two research analysts have rated the stock with a hold recommendation, seven have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have updated their coverage on the stock in the last year is $38.33.

A number of equities analysts recently weighed in on IMVT shares. Jefferies Financial Group started coverage on shares of Immunovant in a report on Monday, March 3rd. They set a “hold” rating and a $20.00 target price on the stock. HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Bank of America reduced their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. UBS Group reaffirmed a “neutral” rating and set a $17.00 price objective (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Finally, Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th.

Insider Activity

In other news, Director Andrew J. Fromkin sold 8,000 shares of the business’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 completion of the sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter Salzmann sold 28,094 shares of the business’s stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the completion of the sale, the chief executive officer now directly owns 1,186,512 shares of the company’s stock, valued at approximately $15,412,790.88. The trade was a 2.31% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 51,682 shares of company stock valued at $753,419. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently bought and sold shares of the company. Woodline Partners LP lifted its position in Immunovant by 133.0% during the first quarter. Woodline Partners LP now owns 1,497,869 shares of the company’s stock worth $25,599,000 after purchasing an additional 855,143 shares during the period. Goldman Sachs Group Inc. lifted its position in Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after purchasing an additional 329,354 shares during the period. Two Seas Capital LP lifted its position in Immunovant by 8.7% during the first quarter. Two Seas Capital LP now owns 1,642,772 shares of the company’s stock worth $28,075,000 after purchasing an additional 131,158 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Immunovant by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after purchasing an additional 3,348 shares during the period. Finally, Granahan Investment Management LLC lifted its position in Immunovant by 15.3% during the first quarter. Granahan Investment Management LLC now owns 172,316 shares of the company’s stock worth $2,945,000 after purchasing an additional 22,920 shares during the period. Institutional investors own 47.08% of the company’s stock.

Immunovant Trading Up 2.0%

Shares of IMVT opened at $15.00 on Friday. The company has a market cap of $2.55 billion, a price-to-earnings ratio of -5.73 and a beta of 0.75. Immunovant has a 1-year low of $12.72 and a 1-year high of $34.47. The company’s fifty day simple moving average is $15.76 and its 200 day simple moving average is $21.31.

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 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.