Immunovant (NASDAQ:IMVT) Price Target Cut to $41.00 by Analysts at UBS Group

Immunovant (NASDAQ:IMVT) had its target price decreased by UBS Group from $42.00 to $41.00 in a research note issued to investors on Tuesday, Benzinga reports. UBS Group currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on the company. Oppenheimer reduced their price objective on Immunovant from $50.00 to $46.00 and set an outperform rating for the company in a research note on Monday, June 3rd. JPMorgan Chase & Co. reduced their price objective on Immunovant from $51.00 to $46.00 and set an overweight rating for the company in a research note on Thursday, August 8th. HC Wainwright reaffirmed a buy rating and issued a $51.00 target price on shares of Immunovant in a research report on Thursday, May 30th. Finally, Cantor Fitzgerald reaffirmed an overweight rating on shares of Immunovant in a research report on Wednesday, August 7th. Fifteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Immunovant has a consensus rating of Buy and an average price target of $48.40.

Immunovant Price Performance

IMVT opened at $29.79 on Tuesday. Immunovant has a 12 month low of $18.82 and a 12 month high of $45.58. The stock has a market cap of $4.35 billion, a P/E ratio of -15.68 and a beta of 0.67. The stock’s 50 day moving average price is $27.69 and its 200 day moving average price is $30.41.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the previous year, the company earned ($0.57) earnings per share. Equities analysts anticipate that Immunovant will post -2.11 EPS for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 16,163 shares of Immunovant stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total transaction of $479,232.95. Following the sale, the chief executive officer now directly owns 1,036,716 shares of the company’s stock, valued at $30,738,629.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Peter Salzmann sold 16,163 shares of Immunovant stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total value of $479,232.95. Following the completion of the transaction, the chief executive officer now owns 1,036,716 shares in the company, valued at $30,738,629.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Julia G. Butchko sold 3,247 shares of Immunovant stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total transaction of $96,273.55. Following the completion of the transaction, the insider now owns 448,380 shares of the company’s stock, valued at approximately $13,294,467. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 54,927 shares of company stock valued at $1,599,990. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Institutional investors and hedge funds have recently made changes to their positions in the business. Boxer Capital LLC raised its position in shares of Immunovant by 33.3% during the 4th quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock valued at $42,130,000 after acquiring an additional 250,000 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Immunovant by 590.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 42,865 shares of the company’s stock valued at $1,806,000 after buying an additional 36,659 shares in the last quarter. ADAR1 Capital Management LLC bought a new stake in shares of Immunovant in the 4th quarter valued at $5,651,000. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Immunovant by 98.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock valued at $2,319,000 after buying an additional 35,589 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Immunovant by 337.0% in the 4th quarter. Russell Investments Group Ltd. now owns 176,901 shares of the company’s stock valued at $7,453,000 after buying an additional 136,418 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

About Immunovant

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.