Immunovant, Inc. (NASDAQ:IMVT) Receives Average Recommendation of “Hold” from Analysts

Immunovant, Inc. (NASDAQ:IMVT) has been assigned an average rating of “Hold” from the eleven ratings firms that are currently covering the company, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $32.00.

A number of analysts have recently weighed in on IMVT shares. The Goldman Sachs Group upped their target price on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 6th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research note on Tuesday, February 10th. Guggenheim upped their price objective on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, Truist Financial increased their price objective on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th.

Immunovant Trading Down 2.8%

NASDAQ IMVT opened at $22.98 on Friday. The company has a market cap of $4.68 billion, a price-to-earnings ratio of -8.54 and a beta of 0.62. The company has a 50 day moving average of $26.09 and a 200-day moving average of $22.90. Immunovant has a 1-year low of $12.72 and a 1-year high of $29.25.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same period last year, the company posted ($0.76) EPS. On average, equities research analysts forecast that Immunovant will post -2.69 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Tuyl Christopher Van sold 2,877 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $24.97, for a total transaction of $71,838.69. Following the sale, the insider owned 147,053 shares in the company, valued at approximately $3,671,913.41. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 1,977 shares of Immunovant stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total transaction of $51,461.31. Following the completion of the transaction, the chief technology officer directly owned 197,634 shares in the company, valued at $5,144,413.02. This trade represents a 0.99% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 6,057 shares of company stock valued at $155,216. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after buying an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Immunovant by 48.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after acquiring an additional 329,354 shares during the last quarter. Strs Ohio bought a new position in Immunovant in the first quarter valued at about $27,000. Geode Capital Management LLC raised its stake in Immunovant by 9.1% during the second quarter. Geode Capital Management LLC now owns 1,825,602 shares of the company’s stock worth $29,213,000 after acquiring an additional 153,012 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey raised its stake in Immunovant by 29.5% during the second quarter. Police & Firemen s Retirement System of New Jersey now owns 16,301 shares of the company’s stock worth $261,000 after acquiring an additional 3,712 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

About Immunovant

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.