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

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus recommendation of “Hold” from the eleven brokerages that are currently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have assigned a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $32.4444.

A number of research analysts have issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Guggenheim upped their price target on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $35.00 target price on shares of Immunovant in a research note on Tuesday, February 10th. Finally, 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.

Immunovant Stock Up 6.3%

Shares of NASDAQ IMVT opened at $28.94 on Friday. Immunovant has a 52 week low of $13.52 and a 52 week high of $30.09. The firm’s fifty day moving average is $26.14 and its 200 day moving average is $25.25. The company has a market cap of $5.89 billion, a price-to-earnings ratio of -10.76 and a beta of 0.70.

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 quarter in the previous year, the company earned ($0.76) earnings per share. Equities research analysts anticipate that Immunovant will post -2.67 earnings per share for the current year.

Insider Activity at Immunovant

In other Immunovant news, Director Robert Graham Susman sold 2,502 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $27.17, for a total transaction of $67,979.34. Following the sale, the director owned 36,394 shares in the company, valued at approximately $988,824.98. This trade represents a 6.43% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Melanie Gloria sold 8,722 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the sale, the chief operating officer owned 245,222 shares in the company, valued at approximately $6,088,862.26. The trade was a 3.43% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 72,141 shares of company stock worth $1,923,713 in the last 90 days. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently modified their holdings of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Immunovant by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after buying an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after buying an additional 329,354 shares during the period. Strs Ohio purchased a new position in Immunovant during the first quarter worth $27,000. Legal & General Group Plc boosted its stake in Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after buying an additional 5,010 shares during the period. Finally, Invesco Ltd. boosted its stake in shares of Immunovant by 20.7% during the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock valued at $1,068,000 after purchasing an additional 11,438 shares during the period. 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.