Immunovant (NASDAQ:IMVT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Immunovant (NASDAQ:IMVT) had its price target boosted by analysts at JPMorgan Chase & Co. from $47.00 to $50.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 26.07% from the company’s previous close.

A number of other equities research analysts also recently commented on IMVT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Monday, July 6th. Citigroup raised their price target on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Guggenheim lifted their price target on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Truist Financial upped their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Finally, Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Stock Up 3.0%

Shares of IMVT traded up $1.15 on Tuesday, hitting $39.66. 509,158 shares of the stock traded hands, compared to its average volume of 1,556,204. The firm has a market capitalization of $8.19 billion, a P/E ratio of -14.28 and a beta of 0.77. The stock’s 50 day moving average is $36.74 and its two-hundred day moving average is $30.25. Immunovant has a 1 year low of $14.32 and a 1 year high of $41.23.

Immunovant (NASDAQ:IMVT) last released its earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the firm earned ($0.64) EPS. Research analysts forecast that Immunovant will post -2.65 EPS for the current year.

Insider Activity at Immunovant

In other news, COO Melanie Gloria sold 2,036 shares of the business’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $80,523.80. Following the completion of the sale, the chief operating officer owned 222,357 shares in the company, valued at approximately $8,794,219.35. The trade was a 0.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $47,697.30. Following the sale, the insider directly owned 179,391 shares of the company’s stock, valued at approximately $7,094,914.05. This trade represents a 0.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 324,810 shares of company stock valued at $11,350,166 over the last three months. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Large investors have recently made changes to their positions in the business. RTW Investments LP purchased a new stake in shares of Immunovant during the fourth quarter valued at approximately $80,781,000. Morgan Stanley lifted its position in shares of Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after purchasing an additional 2,887,359 shares in the last quarter. Jennison Associates LLC boosted its stake in shares of Immunovant by 356.4% in the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after purchasing an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC grew its holdings in Immunovant by 319.0% during the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP grew its holdings in Immunovant by 400.0% during the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after purchasing an additional 1,100,000 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.