The Goldman Sachs Group Upgrades Immunovant (NASDAQ:IMVT) to Hold

Immunovant (NASDAQ:IMVT) was upgraded by research analysts at The Goldman Sachs Group to a “hold” rating in a note issued to investors on Thursday, Marketbeat.com reports. The firm presently has a $18.00 price objective on the stock. The Goldman Sachs Group’s price objective indicates a potential downside of 0.72% from the company’s previous close.

Several other research firms also recently issued reports on IMVT. HC Wainwright restated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. UBS Group reiterated a “neutral” rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Bank of America decreased their target price on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Finally, Guggenheim reiterated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $36.30.

Immunovant Stock Performance

NASDAQ:IMVT opened at $18.13 on Thursday. The firm’s 50-day moving average is $15.49 and its 200-day moving average is $18.18. Immunovant has a 52-week low of $12.72 and a 52-week high of $34.47. The company has a market cap of $3.10 billion, a price-to-earnings ratio of -6.62 and a beta of 0.63.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, May 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.08. The company had revenue of $0.16 million for the quarter. During the same quarter last year, the firm posted ($0.52) EPS. Equities analysts predict that Immunovant will post -2.69 EPS for the current year.

Insider Activity

In other Immunovant news, CEO Peter Salzmann sold 8,321 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $14.89, for a total value of $123,899.69. Following the transaction, the chief executive officer directly owned 1,178,191 shares in the company, valued at $17,543,263.99. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jay S. Stout sold 1,925 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total transaction of $28,470.75. Following the completion of the transaction, the chief technology officer owned 209,243 shares in the company, valued at approximately $3,094,703.97. This trade represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,267 shares of company stock valued at $277,864 in the last ninety days. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. FMR LLC raised its stake in shares of Immunovant by 4.5% in the fourth quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after acquiring an additional 560,344 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Immunovant by 3.9% during the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company’s stock worth $118,551,000 after buying an additional 257,445 shares during the last quarter. Deep Track Capital LP raised its stake in shares of Immunovant by 38.0% during the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after buying an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its stake in shares of Immunovant by 15.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company’s stock worth $100,743,000 after buying an additional 777,590 shares during the last quarter. Finally, Baker BROS. Advisors LP raised its stake in shares of Immunovant by 219.6% during the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company’s stock worth $93,275,000 after buying an additional 3,750,000 shares during the last quarter. 47.08% 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 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.