Immunovant (NASDAQ:IMVT) Reaches New 52-Week High on Analyst Upgrade

Immunovant, Inc. (NASDAQ:IMVT)’s stock price hit a new 52-week high during trading on Friday after Truist Financial raised their price target on the stock from $16.00 to $22.00. Truist Financial currently has a hold rating on the stock. Immunovant traded as high as $27.79 and last traded at $27.7070, with a volume of 134934 shares changing hands. The stock had previously closed at $26.31.

A number of other brokerages also recently commented on IMVT. The Goldman Sachs Group raised their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. Guggenheim reiterated a “buy” rating and set a $41.00 target price on shares of Immunovant in a report on Thursday, December 18th. JPMorgan Chase & Co. decreased their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a report on Tuesday, September 30th. Finally, Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Immunovant presently has an average rating of “Moderate Buy” and an average target price of $30.78.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 10,813 shares of the stock in a transaction on Thursday, December 18th. The shares were sold at an average price of $26.91, for a total transaction of $290,977.83. Following the transaction, the insider directly owned 149,930 shares in the company, valued at $4,034,616.30. This represents a 6.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Douglas J. Hughes sold 15,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $23.24, for a total transaction of $348,600.00. Following the completion of the sale, the director directly owned 120,773 shares of the company’s stock, valued at $2,806,764.52. The trade was a 11.05% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 65,803 shares of company stock valued at $1,552,432. Corporate insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Alpine Global Management LLC raised its holdings in Immunovant by 4.9% during the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after purchasing an additional 128,039 shares in the last quarter. Armistice Capital LLC raised its stake in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after buying an additional 636,000 shares in the last quarter. Two Seas Capital LP lifted its holdings in shares of Immunovant by 22.6% in the third quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock valued at $44,524,000 after buying an additional 509,268 shares during the period. Voleon Capital Management LP bought a new position in Immunovant during the third quarter valued at about $629,000. Finally, Verition Fund Management LLC grew its holdings in Immunovant by 795.3% during the third quarter. Verition Fund Management LLC now owns 189,397 shares of the company’s stock worth $3,053,000 after acquiring an additional 168,243 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Stock Up 4.3%

The stock has a market capitalization of $4.81 billion, a P/E ratio of -9.76 and a beta of 0.57. The firm’s 50-day simple moving average is $24.55 and its 200 day simple moving average is $19.42.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period in the prior year, the business earned ($0.74) EPS. As a group, equities analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Immunovant Company Profile

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.