Immunovant, Inc. (NASDAQ:IMVT) Given Average Rating of “Moderate Buy” by Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have earned a consensus rating of “Moderate Buy” from the twelve research firms that are currently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $33.60.

A number of research firms have recently issued reports on IMVT. JPMorgan Chase & Co. cut their target price on shares of Immunovant from $40.00 to $37.00 and set an “overweight” rating for the company in a research note on Tuesday, August 12th. Bank of America dropped their price objective on shares of Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a research note on Tuesday, August 12th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a research note on Thursday, September 4th. UBS Group lifted their price objective on shares of Immunovant from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, July 28th. Finally, The Goldman Sachs Group upgraded shares of Immunovant to a “hold” rating and set a $18.00 price objective for the company in a research note on Thursday, July 10th.

Immunovant Stock Performance

NASDAQ IMVT opened at $16.23 on Friday. The firm has a 50-day moving average of $15.85 and a 200-day moving average of $15.94. The stock has a market cap of $2.83 billion, a PE ratio of -5.69 and a beta of 0.45. Immunovant has a 52-week low of $12.72 and a 52-week high of $32.10.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.69) by $0.09. During the same quarter last year, the firm posted ($0.60) EPS. As a group, analysts predict that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Activity

In other Immunovant news, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the sale, the insider owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares of the company’s stock, valued at $3,719,279.85. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,869 shares of company stock valued at $140,384 in the last quarter. Corporate insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of IMVT. Strs Ohio bought a new position in Immunovant in the 1st quarter valued at about $27,000. FNY Investment Advisers LLC bought a new position in Immunovant in the 1st quarter valued at about $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Immunovant in the 1st quarter valued at about $37,000. Farther Finance Advisors LLC increased its holdings in Immunovant by 142,750.0% in the 2nd quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after buying an additional 2,855 shares during the period. Finally, Headlands Technologies LLC bought a new stake in shares of Immunovant during the 1st quarter valued at approximately $51,000. 47.08% of the stock is owned by institutional investors.

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.