HC Wainwright Reaffirms “Buy” Rating for Immunovant (NASDAQ:IMVT)

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a report released on Tuesday,Benzinga reports. They currently have a $35.00 price objective on the stock. HC Wainwright’s price target points to a potential upside of 34.93% from the stock’s previous close.

IMVT has been the topic of a number of other research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. 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. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Tuesday, January 6th. Guggenheim lifted their target price on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday. Finally, Truist Financial upped their price target on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Immunovant has a consensus rating of “Moderate Buy” and an average target price of $31.11.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $25.94 on Tuesday. The firm has a 50 day simple moving average of $25.86 and a 200 day simple moving average of $20.96. Immunovant has a 52 week low of $12.72 and a 52 week high of $27.92. The company has a market cap of $5.28 billion, a PE ratio of -9.64 and a beta of 0.54.

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

Insider Buying and Selling at Immunovant

In related news, COO Melanie Gloria sold 12,626 shares of Immunovant stock in a transaction on Thursday, November 20th. The shares were sold at an average price of $23.62, for a total value of $298,226.12. Following the completion of the sale, the chief operating officer owned 173,511 shares of the company’s stock, valued at approximately $4,098,329.82. The trade was a 6.78% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jay S. Stout sold 1,977 shares of the 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 directly owned 197,634 shares in the company, valued at $5,144,413.02. The trade was a 0.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 63,868 shares of company stock worth $1,538,470 in the last ninety days. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new stake in Immunovant during the fourth quarter worth approximately $25,000. Strs Ohio bought a new stake in shares of Immunovant during the 1st quarter worth $27,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Immunovant during the 3rd quarter worth $33,000. PNC Financial Services Group Inc. grew its stake in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares during the last quarter. Finally, FNY Investment Advisers LLC raised its holdings in Immunovant by 100.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock worth $101,000 after acquiring an additional 2,000 shares during the period. 47.08% of the stock is 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.