Immunovant (NASDAQ:IMVT) Price Target Raised to $30.00 at Truist Financial

Immunovant (NASDAQ:IMVT) had its price objective upped by Truist Financial from $23.00 to $30.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price target would indicate a potential downside of 13.57% from the company’s previous close.

Other analysts have also issued reports about the stock. Citigroup reiterated a “buy” rating on shares of Immunovant in a research note on Thursday. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. HC Wainwright raised their price objective on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday. The Goldman Sachs Group raised their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, Sanford C. Bernstein started coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $35.33.

Immunovant Trading Up 1.7%

NASDAQ:IMVT traded up $0.58 on Friday, reaching $34.71. 415,383 shares of the stock traded hands, compared to its average volume of 1,638,237. The company has a market capitalization of $7.06 billion, a price-to-earnings ratio of -12.48 and a beta of 0.70. Immunovant has a 12 month low of $13.79 and a 12 month high of $36.28. The company’s fifty day simple moving average is $26.65 and its 200 day simple moving average is $25.85.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the company posted ($0.64) EPS. Equities analysts anticipate that Immunovant will post -2.6 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 10,132 shares of the business’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $251,577.56. Following the transaction, the chief technology officer owned 254,439 shares of the company’s stock, valued at approximately $6,317,720.37. The trade was a 3.83% decrease in their ownership of the stock. The transaction 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, CFO Tiago Girao sold 25,760 shares of the business’s stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total transaction of $763,011.20. Following the completion of the transaction, the chief financial officer directly owned 247,596 shares in the company, valued at $7,333,793.52. This trade represents a 9.42% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 78,141 shares of company stock valued at $2,115,713. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. bought a new stake in Immunovant in the fourth quarter worth $25,000. Strs Ohio bought a new stake in Immunovant in the first quarter worth $27,000. Aster Capital Management DIFC Ltd bought a new stake in Immunovant in the third quarter worth $33,000. PNC Financial Services Group Inc. increased its position in Immunovant by 138.9% in the third 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 increased its position in Immunovant by 94.9% in the fourth 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. Hedge funds and other 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.