Immunovant’s (IMVT) Buy Rating Reiterated at HC Wainwright

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a report issued on Tuesday,Benzinga reports. They presently have a $35.00 price target on the stock. HC Wainwright’s price objective points to a potential upside of 27.32% from the stock’s current price.

A number of other research firms 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 report on Monday, December 15th. Guggenheim upped their target price on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday. Truist Financial lifted their price target on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Tuesday, January 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. One equities 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 assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $31.11.

Immunovant Stock Up 1.6%

Shares of NASDAQ IMVT opened at $27.49 on Tuesday. Immunovant has a twelve month low of $12.72 and a twelve month high of $27.92. The firm has a market cap of $4.82 billion, a PE ratio of -10.22 and a beta of 0.54. The business has a fifty day simple moving average of $25.71 and a two-hundred day simple moving average of $20.85.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same period in the previous year, the business posted ($0.76) EPS. On average, research analysts expect that Immunovant will post -2.69 earnings per share for the current year.

Insider Activity at Immunovant

In related news, Director Andrew J. Fromkin sold 22,249 shares of the stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $23.25, for a total value of $517,289.25. Following the completion of the transaction, the director directly owned 85,852 shares of the company’s stock, valued at $1,996,059. This trade represents a 20.58% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Melanie Gloria sold 12,626 shares of Immunovant stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the sale, the chief operating officer owned 173,511 shares of the company’s stock, valued at $4,098,329.82. This trade represents a 6.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 63,868 shares of company stock worth $1,538,470 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Large investors have recently made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant in the 4th quarter valued at $25,000. Strs Ohio acquired a new position in shares of Immunovant in the first quarter valued at about $27,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Immunovant in the third quarter worth about $33,000. PNC Financial Services Group Inc. lifted its holdings in shares of Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after purchasing an additional 1,646 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after buying an additional 4,273 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.