Immunovant, Inc. (NASDAQ:IMVT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have earned an average rating of “Moderate Buy” from the eleven research firms that are presently covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, six have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $31.1111.

Several research analysts recently weighed in on IMVT shares. 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 report on Tuesday, January 6th. Truist Financial lifted their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. The Goldman Sachs Group boosted their target price on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. Finally, Guggenheim increased their price target on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, February 9th.

Immunovant Trading Up 2.3%

NASDAQ IMVT opened at $27.20 on Tuesday. The firm has a market capitalization of $5.54 billion, a P/E ratio of -10.11 and a beta of 0.54. The business has a fifty day simple moving average of $26.22 and a 200 day simple moving average of $21.56. Immunovant has a 12 month low of $12.72 and a 12 month high of $27.92.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter in the previous year, the company earned ($0.76) EPS. As a group, sell-side analysts predict that Immunovant will post -2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, Director Andrew J. Fromkin sold 22,249 shares of Immunovant stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $23.25, for a total value of $517,289.25. Following the sale, the director owned 85,852 shares of the company’s stock, valued at approximately $1,996,059. The trade was a 20.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 1,977 shares of the business’s stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total transaction of $51,461.31. Following the completion of the transaction, the chief technology officer owned 197,634 shares in the company, valued at approximately $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. In the last quarter, insiders sold 51,242 shares of company stock valued at $1,240,244. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

A number of hedge funds have recently modified their holdings of the stock. Deep Track Capital LP lifted its stake in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock valued at $156,829,000 after purchasing an additional 228,845 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after buying an additional 952,504 shares during the last quarter. Armistice Capital LLC grew its stake in shares of Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after acquiring an additional 636,000 shares during the period. Morgan Stanley grew its stake in shares of Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after acquiring an additional 2,887,359 shares during the period. Finally, State Street Corp increased its holdings in Immunovant by 30.9% in the 4th quarter. State Street Corp now owns 3,786,926 shares of the company’s stock worth $96,264,000 after acquiring an additional 894,308 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

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.