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

Immunovant, Inc. (NASDAQ:IMVT) has been assigned an average rating of “Moderate Buy” from the eleven research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $31.1111.

Several research firms recently weighed in on IMVT. HC Wainwright restated a “buy” rating and issued a $35.00 target price on shares of Immunovant in a report on Tuesday, February 10th. The Goldman Sachs Group raised their target price on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. Guggenheim lifted their price objective on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Truist Financial upped their price objective on Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th.

Immunovant Stock Performance

NASDAQ IMVT opened at $25.75 on Tuesday. The business’s fifty day moving average is $26.03 and its two-hundred day moving average is $21.18. The stock has a market capitalization of $5.24 billion, a P/E ratio of -9.57 and a beta of 0.54. Immunovant has a 1 year low of $12.72 and a 1 year high of $27.92.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results 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 company posted ($0.76) EPS. On average, research analysts forecast that Immunovant will post -2.69 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 1,977 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total transaction of $51,461.31. Following the transaction, the chief technology officer owned 197,634 shares in the company, valued at $5,144,413.02. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Fromkin sold 22,249 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $23.25, for a total transaction of $517,289.25. Following the completion of the transaction, the director directly owned 85,852 shares in the company, valued at approximately $1,996,059. This represents a 20.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 63,868 shares of company stock valued at $1,538,470 over the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new stake in Immunovant during the fourth quarter valued at $25,000. Strs Ohio bought a new stake in Immunovant in the first quarter worth about $27,000. Aster Capital Management DIFC Ltd purchased a new stake in Immunovant in the third quarter worth $33,000. PNC Financial Services Group Inc. boosted its position in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after purchasing an additional 1,646 shares during the period. Finally, Quarry LP raised its holdings in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the period. 47.08% of the stock is currently 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.