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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given a consensus rating of “Buy” by the eleven ratings firms that are presently covering the firm, MarketBeat.com reports. Eleven research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $48.10.

A number of research analysts recently commented on IMVT shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Raymond James reiterated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Oppenheimer increased their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th.

Immunovant Stock Up 1.2 %

IMVT opened at $26.87 on Friday. The firm has a 50-day moving average price of $29.08 and a 200-day moving average price of $28.90. Immunovant has a twelve month low of $24.61 and a twelve month high of $45.58. The company has a market capitalization of $3.94 billion, a price-to-earnings ratio of -12.10 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the company posted ($0.45) earnings per share. On average, sell-side analysts expect that Immunovant will post -2.7 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the completion of the transaction, the insider now owns 319,228 shares in the company, valued at approximately $8,124,352.60. This trade represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the sale, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,659 shares of company stock valued at $2,096,890 in the last quarter. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of the stock. KBC Group NV raised its holdings in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after buying an additional 612 shares during the period. Quest Partners LLC increased its position in Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after acquiring an additional 1,786 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Immunovant in the 2nd quarter worth about $77,000. Assetmark Inc. lifted its holdings in shares of Immunovant by 73.8% in the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after purchasing an additional 934 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.