Analysts Set Immunovant, Inc. (NASDAQ:IMVT) PT at $32.50

Immunovant, Inc. (NASDAQ:IMVT) has been given a consensus recommendation of “Moderate Buy” by the ten ratings firms that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $32.50.

A number of analysts have commented on the stock. Truist Financial upped their target price on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. Guggenheim raised their target price on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $25.00 on Friday. The stock’s 50-day simple moving average is $26.29 and its two-hundred day simple moving average is $22.75. The stock has a market capitalization of $5.09 billion, a price-to-earnings ratio of -9.29 and a beta of 0.61. Immunovant has a 52-week low of $12.72 and a 52-week high of $29.25.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the business posted ($0.76) EPS. As a group, equities analysts forecast that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, insider Tuyl Christopher Van sold 10,813 shares of the firm’s stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the transaction, the insider owned 149,930 shares of the company’s stock, valued at $4,034,616.30. This trade represents a 6.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jay S. Stout sold 1,977 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the transaction, 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 ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 13,993 shares of company stock valued at $374,355. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently modified their holdings of IMVT. Arizona State Retirement System increased its stake in shares of Immunovant by 2.2% in the third quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock worth $326,000 after purchasing an additional 430 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of Immunovant by 4.5% during the 4th quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock valued at $360,000 after buying an additional 610 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Immunovant by 2.7% in the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after buying an additional 755 shares during the period. Royal Bank of Canada boosted its holdings in Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after buying an additional 780 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after buying an additional 900 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.