Immunovant, Inc. (NASDAQ:IMVT) Receives Average Rating of “Hold” from Analysts

Immunovant, Inc. (NASDAQ:IMVT) has earned a consensus recommendation of “Hold” from the eleven ratings firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $37.3333.

A number of equities analysts have commented on IMVT shares. Bank of America raised their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Citigroup restated a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. The Goldman Sachs Group raised their price objective on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Guggenheim raised their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Truist Financial raised their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd.

Insider Activity

In other Immunovant news, CEO Eric Venker sold 14,229 shares of the firm’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total transaction of $342,918.90. Following the transaction, the chief executive officer owned 19,561 shares in the company, valued at $471,420.10. This trade represents a 42.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jay S. Stout sold 10,132 shares of the firm’s stock in a transaction on Wednesday, April 8th. The stock was 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 in the company, valued at approximately $6,317,720.37. This trade represents a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 300,092 shares of company stock worth $9,553,291. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently added to or reduced their stakes in the stock. Granahan Investment Management LLC increased its stake in Immunovant by 24.9% during the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock worth $4,291,000 after acquiring an additional 53,133 shares during the period. Aberdeen Group plc increased its stake in shares of Immunovant by 16.2% in the 3rd quarter. Aberdeen Group plc now owns 981,804 shares of the company’s stock valued at $15,827,000 after purchasing an additional 137,099 shares during the last quarter. Alpine Global Management LLC increased its stake in shares of Immunovant by 4.9% in the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after purchasing an additional 128,039 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Immunovant in the 4th quarter valued at $1,823,000. Finally, HighVista Strategies LLC increased its stake in shares of Immunovant by 38.5% in the 3rd quarter. HighVista Strategies LLC now owns 253,127 shares of the company’s stock valued at $4,080,000 after purchasing an additional 70,319 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Trading Up 0.7%

Shares of NASDAQ IMVT opened at $31.15 on Thursday. The firm has a market cap of $6.40 billion, a P/E ratio of -11.20 and a beta of 0.76. Immunovant has a 1-year low of $14.32 and a 1-year high of $36.28. The business’s 50 day moving average is $28.20 and its 200-day moving average is $26.45.

Immunovant (NASDAQ:IMVT) last announced its earnings results 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 period in the prior year, the company posted ($0.64) earnings per share. Analysts forecast that Immunovant will post -2.62 EPS for the current year.

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.