Sanford C. Bernstein Initiates Coverage on Immunovant (NASDAQ:IMVT)

Sanford C. Bernstein started coverage on shares of Immunovant (NASDAQ:IMVT) in a research note issued on Friday, MarketBeat Ratings reports. The firm set a “market perform” rating and a $28.00 price target on the stock. Sanford C. Bernstein’s price objective would suggest a potential upside of 21.85% from the stock’s current price.

A number of other equities research analysts have also recently commented on the stock. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price for the company in a report on Tuesday, January 6th. Guggenheim raised their price target on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research report on Tuesday, February 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Finally, Truist Financial increased their price objective on Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Immunovant presently has a consensus rating of “Hold” and a consensus target price of $32.00.

Immunovant Price Performance

Immunovant stock opened at $22.98 on Friday. The stock has a market cap of $4.68 billion, a PE ratio of -8.54 and a beta of 0.62. The stock’s fifty day moving average is $26.09 and its two-hundred day moving average is $22.95. Immunovant has a 1-year low of $12.72 and a 1-year high of $29.25.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the company posted ($0.76) EPS. On average, research analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 1,977 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total transaction of $51,461.31. Following the sale, the chief technology officer directly owned 197,634 shares in the company, valued at approximately $5,144,413.02. The trade was a 0.99% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tuyl Christopher Van sold 2,877 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $24.97, for a total transaction of $71,838.69. Following the transaction, the insider directly owned 147,053 shares in the company, valued at approximately $3,671,913.41. This trade represents a 1.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 6,057 shares of company stock worth $155,216 in the last ninety days. 1.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently modified their holdings of IMVT. Geneos Wealth Management Inc. acquired a new stake in Immunovant in the 4th quarter valued at about $25,000. Strs Ohio purchased a new position in Immunovant during the 1st quarter valued at about $27,000. Aster Capital Management DIFC Ltd acquired a new position in Immunovant during the third quarter worth about $33,000. PNC Financial Services Group Inc. raised 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 acquiring an additional 1,646 shares during the last quarter. Finally, Quarry LP lifted its holdings in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after purchasing an additional 1,461 shares in the last quarter. Hedge funds and other 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.