Immunovant, Inc. (NASDAQ:IMVT) Receives Consensus Recommendation of “Hold” from Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned a consensus rating of “Hold” from the eleven brokerages that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and six have given a buy rating to the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $32.00.

IMVT has been the subject of a number of recent research reports. Sanford C. Bernstein initiated coverage on shares of Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Immunovant in a research report on Tuesday, February 10th. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. Guggenheim boosted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, February 9th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th.

Insider Activity at Immunovant

In related news, insider Tuyl Christopher Van sold 2,877 shares of the business’s stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $24.97, for a total transaction of $71,838.69. Following the completion of the sale, the insider owned 147,053 shares of the company’s stock, valued at $3,671,913.41. This represents a 1.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Eric Venker sold 14,229 shares of the business’s stock in a transaction dated Thursday, April 2nd. The shares were sold at an average price of $24.10, for a total transaction of $342,918.90. Following the sale, the chief executive officer directly owned 19,561 shares of the company’s stock, valued at approximately $471,420.10. This represents a 42.11% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 19,083 shares of company stock valued at $466,219 in the last quarter. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. bought a new position in Immunovant in the 4th quarter worth about $25,000. Strs Ohio bought a new position in Immunovant in the 1st quarter worth about $27,000. Aster Capital Management DIFC Ltd bought a new position in Immunovant in the 3rd quarter worth about $33,000. PNC Financial Services Group Inc. grew its position in Immunovant by 138.9% in the 3rd 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 last quarter. Finally, Quarry LP grew its position in Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after purchasing an additional 1,461 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Stock Performance

Shares of Immunovant stock opened at $24.61 on Wednesday. The firm has a market cap of $5.01 billion, a PE ratio of -9.15 and a beta of 0.67. The firm’s 50-day simple moving average is $25.67 and its 200-day simple moving average is $23.72. Immunovant has a 1 year low of $12.72 and a 1 year high of $29.25.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter last year, the business posted ($0.76) earnings per share. On average, equities analysts predict that Immunovant will post -2.69 earnings per share for the current year.

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.