HC Wainwright Raises Immunovant (NASDAQ:IMVT) Price Target to $27.00

Immunovant (NASDAQ:IMVT – Get Rating) had its price objective increased by HC Wainwright from $26.00 to $27.00 in a research note issued to investors on Tuesday morning, The Fly reports. HC Wainwright also issued estimates for Immunovant’s Q1 2024 earnings at ($0.48) EPS, Q2 2024 earnings at ($0.49) EPS, Q3 2024 earnings at ($0.50) EPS, Q4 2024 earnings at ($0.51) EPS, FY2024 earnings at ($1.98) EPS, FY2025 earnings at ($1.95) EPS, FY2026 earnings at ($1.28) EPS, FY2027 earnings at ($0.12) EPS and FY2028 earnings at $1.32 EPS.

Several other brokerages have also recently weighed in on IMVT. Citigroup assumed coverage on shares of Immunovant in a research report on Tuesday, April 25th. They issued a buy rating and a $28.00 price target for the company. Guggenheim raised shares of Immunovant from a neutral rating to a buy rating and set a $30.00 price target for the company in a research report on Monday, February 13th. Stifel Nicolaus assumed coverage on shares of Immunovant in a research report on Wednesday, March 29th. They issued a buy rating and a $28.00 price target for the company. Piper Sandler assumed coverage on shares of Immunovant in a research report on Friday, March 31st. They issued an overweight rating and a $28.00 price target for the company. Finally, Chardan Capital upped their price target on shares of Immunovant from $21.00 to $32.00 in a research report on Monday. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Immunovant presently has a consensus rating of Moderate Buy and an average target price of $24.77.

Immunovant Price Performance

Shares of IMVT stock opened at $21.07 on Tuesday. The company has a market capitalization of $2.75 billion, a P/E ratio of -12.32 and a beta of 0.97. The company’s 50-day simple moving average is $17.05 and its two-hundred day simple moving average is $16.56. Immunovant has a one year low of $3.14 and a one year high of $24.18.

Immunovant (NASDAQ:IMVT – Get Rating) last issued its earnings results on Monday, May 22nd. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05). On average, research analysts expect that Immunovant will post -1.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, CEO Peter Salzmann sold 3,395 shares of the firm’s stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $15.27, for a total value of $51,841.65. Following the completion of the transaction, the chief executive officer now owns 1,234,369 shares of the company’s stock, valued at $18,848,814.63. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Immunovant news, CEO Peter Salzmann sold 3,395 shares of the firm’s stock in a transaction on Tuesday, April 18th. The shares were sold at an average price of $15.27, for a total value of $51,841.65. Following the completion of the transaction, the chief executive officer now owns 1,234,369 shares of the company’s stock, valued at $18,848,814.63. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Eva Renee Barnett sold 3,423 shares of the firm’s stock in a transaction on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total transaction of $52,269.21. Following the completion of the transaction, the chief financial officer now directly owns 352,588 shares of the company’s stock, valued at approximately $5,384,018.76. The disclosure for this sale can be found here. Over the last quarter, insiders sold 8,871 shares of company stock valued at $135,979. Insiders own 3.00% of the company’s stock.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. acquired a new stake in Immunovant during the third quarter valued at $650,000. Concorde Asset Management LLC acquired a new position in Immunovant during the 4th quarter worth approximately $297,000. Hennion & Walsh Asset Management Inc. grew its holdings in Immunovant by 10.4% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 253,636 shares of the company’s stock worth $4,502,000 after acquiring an additional 23,961 shares in the last quarter. Cantor Fitzgerald L. P. purchased a new stake in shares of Immunovant during the 3rd quarter worth approximately $527,000. Finally, Sigma Planning Corp purchased a new stake in Immunovant in the 4th quarter valued at $983,000. Institutional investors and hedge funds own 32.77% of the company’s stock.

About Immunovant

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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 selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia.