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

Immunovant, Inc. (NASDAQ:IMVT) has earned an average rating of “Moderate Buy” from the eleven ratings firms that are presently covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $30.7778.

Several research firms recently commented on IMVT. Guggenheim reiterated a “buy” rating and issued a $41.00 price objective on shares of Immunovant in a research report on Thursday, December 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. JPMorgan Chase & Co. lowered their price target on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 30th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 6th. Finally, Truist Financial upped their price objective on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 8th.

Immunovant Trading Up 0.6%

IMVT stock opened at $26.18 on Friday. The firm has a 50 day moving average of $25.07 and a 200-day moving average of $20.11. The company has a market cap of $4.59 billion, a price-to-earnings ratio of -9.22 and a beta of 0.57. Immunovant has a 12-month low of $12.72 and a 12-month high of $27.80.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter in the previous year, the firm earned ($0.74) earnings per share. Sell-side analysts forecast that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, Director Andrew J. Fromkin sold 22,249 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $23.25, for a total value of $517,289.25. Following the sale, the director directly owned 85,852 shares of the company’s stock, valued at approximately $1,996,059. This trade represents a 20.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jay S. Stout sold 1,203 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $26.53, for a total transaction of $31,915.59. Following the sale, the chief technology officer directly owned 199,611 shares of the company’s stock, valued at $5,295,679.83. This represents a 0.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 61,891 shares of company stock valued at $1,487,009. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the company. ADAR1 Capital Management LLC lifted its holdings in shares of Immunovant by 319.0% during the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after acquiring an additional 1,706,687 shares in the last quarter. Norges Bank bought a new stake in shares of Immunovant in the 2nd quarter worth about $11,003,000. Armistice Capital LLC raised its stake in Immunovant by 12.2% during the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after buying an additional 636,000 shares in the last quarter. Two Seas Capital LP raised its position in shares of Immunovant by 37.1% during the 2nd quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock valued at $36,044,000 after acquiring an additional 610,000 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its holdings in shares of Immunovant by 2,086.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 463,600 shares of the company’s stock worth $7,418,000 after purchasing an additional 442,400 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.