Immunovant (NASDAQ:IMVT) Given “Buy” Rating at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research report sent to investors on Tuesday,Benzinga reports. The brokerage currently has a $35.00 price objective on the stock.

A number of other equities research analysts have also weighed in on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. Truist Financial lifted their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. Guggenheim upped their price target on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 6th. Finally, The Goldman Sachs Group lifted their price objective on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $31.11.

Immunovant Trading Down 2.9%

IMVT opened at $26.68 on Tuesday. The stock has a 50-day moving average price of $25.80 and a 200-day moving average price of $20.92. Immunovant has a 12-month low of $12.72 and a 12-month high of $27.92. The stock has a market capitalization of $5.43 billion, a P/E ratio of -9.92 and a beta of 0.54.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the previous year, the firm earned ($0.76) EPS. On average, equities research analysts predict that Immunovant will post -2.69 EPS for the current year.

Insider Activity

In other Immunovant news, COO Melanie Gloria sold 12,626 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the transaction, the chief operating officer owned 173,511 shares of the company’s stock, valued at $4,098,329.82. This represents a 6.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Jay S. Stout sold 1,977 shares of the stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the sale, the chief technology officer owned 197,634 shares of the company’s stock, valued at approximately $5,144,413.02. This trade represents a 0.99% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 63,868 shares of company stock valued at $1,538,470. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in IMVT. ADAR1 Capital Management LLC boosted its holdings in Immunovant by 319.0% in the third 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. Vanguard Group Inc. raised its holdings in Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock worth $197,750,000 after purchasing an additional 952,504 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Immunovant in the 4th quarter worth about $17,806,000. Norges Bank bought a new stake in shares of Immunovant during the 2nd quarter valued at about $11,003,000. Finally, Armistice Capital LLC boosted its stake in shares of Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after purchasing an additional 636,000 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.