Immunovant, Inc. (NASDAQ:IMVT) Receives $39.70 Consensus Target Price from Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has received a consensus rating of “Hold” from the eleven brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $39.70.

A number of research firms have recently weighed in on IMVT. The Goldman Sachs Group upped their target price on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Bank of America lifted their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Truist Financial upped their price objective on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Finally, Citigroup raised their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th.

Insider Buying and Selling

In other Immunovant news, CEO Eric Venker sold 3,092 shares of Immunovant stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total transaction of $118,980.16. Following the completion of the transaction, the chief executive officer owned 254,280 shares in the company, valued at approximately $9,784,694.40. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 1,206 shares of the business’s stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $47,697.30. Following the completion of the sale, the insider directly owned 179,391 shares in the company, valued at $7,094,914.05. This trade represents a 0.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 355,826 shares of company stock worth $12,262,730 over the last three months. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of the stock. Aberdeen Group plc grew its position in Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock valued at $30,100,000 after purchasing an additional 202,318 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Immunovant during the 4th quarter valued at about $1,823,000. Jennison Associates LLC purchased a new position in Immunovant in the fourth quarter worth about $17,806,000. Two Seas Capital LP raised its holdings in Immunovant by 3.8% in the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company’s stock worth $72,878,000 after buying an additional 104,922 shares during the last quarter. Finally, Profund Advisors LLC lifted its stake in shares of Immunovant by 120.4% in the fourth quarter. Profund Advisors LLC now owns 49,076 shares of the company’s stock worth $1,248,000 after buying an additional 26,810 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Price Performance

Shares of IMVT stock opened at $40.26 on Friday. The stock has a market cap of $8.27 billion, a price-to-earnings ratio of -14.48 and a beta of 0.76. The business’s fifty day moving average is $34.79 and its 200 day moving average is $29.21. Immunovant has a twelve month low of $14.32 and a twelve month high of $41.23.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period last year, the company posted ($0.64) earnings per share. Equities research analysts expect that Immunovant will post -2.65 earnings per share for the current fiscal year.

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.