Immunovant (NASDAQ:IMVT) Given New $33.00 Price Target at Truist Financial

Immunovant (NASDAQ:IMVT) had its price target hoisted by equities researchers at Truist Financial from $30.00 to $33.00 in a research note issued on Tuesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial‘s price objective indicates a potential downside of 8.08% from the company’s current price.

A number of other equities analysts also recently weighed in on IMVT. UBS Group restated a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. Wells Fargo & Company upped their target price on Immunovant from $45.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday. HC Wainwright reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted their price objective on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Nine research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $44.60.

Immunovant Stock Up 2.1%

Immunovant stock traded up $0.75 during midday trading on Tuesday, hitting $35.90. 183,879 shares of the stock were exchanged, compared to its average volume of 1,508,922. Immunovant has a 52-week low of $21.86 and a 52-week high of $45.42. The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of -12.70 and a beta of 0.95. The business’s 50-day moving average price is $32.98 and its 200-day moving average price is $32.15.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, November 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.27. During the same quarter in the prior year, the company earned ($0.73) earnings per share. On average, sell-side analysts predict that Immunovant will post -2.96 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In related news, CEO Eric Venker sold 3,506 shares of the firm’s stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $34.11, for a total transaction of $119,589.66. Following the completion of the sale, the chief executive officer owned 257,075 shares in the company, valued at approximately $8,768,828.25. This trade represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Christopher Van Tuyl sold 2,846 shares of Immunovant stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $36.36, for a total transaction of $103,480.56. Following the completion of the sale, the insider directly owned 176,545 shares in the company, valued at approximately $6,419,176.20. This represents a 1.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 24,430 shares of company stock valued at $787,852 in the last 90 days. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

Several large investors have recently modified their holdings of IMVT. HighTower Advisors LLC raised its holdings in shares of Immunovant by 0.8% in the 3rd quarter. HighTower Advisors LLC now owns 56,541 shares of the company’s stock worth $1,910,000 after purchasing an additional 437 shares during the period. Ground Swell Capital LLC purchased a new position in Immunovant in the third quarter valued at approximately $323,000. Aberdeen Group plc lifted its stake in Immunovant by 2.6% in the third quarter. Aberdeen Group plc now owns 879,334 shares of the company’s stock valued at $29,704,000 after purchasing an additional 22,304 shares during the last quarter. Fisher Asset Management LLC bought a new position in Immunovant during the third quarter valued at $18,435,000. Finally, AlphaCentric Advisors LLC bought a new position in Immunovant during the third quarter valued at $415,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Trending Headlines about Immunovant

Here are the key news stories impacting Immunovant this week:

• Positive Sentiment: IMVT-1402 met the primary endpoint in a potentially registrational trial for difficult-to-treat rheumatoid arthritis: 92.5% of patients receiving the 600 mg dose achieved an ACR20 response at Week 28, versus 75.6% on placebo (p=0.0139). Exploratory ACR50 and ACR70 responses also reached 80.0% and 52.5%, respectively. Immunovant plans to discuss the next regulatory steps with the FDA later this year, making those discussions an important upcoming catalyst. Immunovant corporate updates and financial results
• Positive Sentiment: Immunovant reported a loss of $0.47 per share, narrower than analysts’ estimate of a $0.74 loss and the $0.73 loss a year earlier. The earnings beat may provide a modest positive alongside the clinical update. Second-quarter earnings results
• Negative Sentiment: The company said it is unlikely to advance IMVT-1402 in Sjögren’s disease beyond its ongoing, fully enrolled Phase 2 trial, citing the evolving landscape and recent data in the field. This narrows the drug’s potential development opportunities, though other clinical timelines remain on track. Immunovant corporate updates and financial results

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies.

The company’s investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves’ disease and other autoimmune disorders.