Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Price Target at $31.11

Immunovant, Inc. (NASDAQ:IMVT) has been given a consensus recommendation of “Moderate Buy” by the eleven ratings firms that are covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have covered the stock in the last year is $31.1111.

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

Insider Transactions at Immunovant

In related news, Director Andrew J. Fromkin sold 22,249 shares of the business’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $23.25, for a total value of $517,289.25. Following the sale, the director directly owned 85,852 shares in the company, valued at $1,996,059. The trade was a 20.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Tuyl Christopher Van sold 10,813 shares of the firm’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the sale, the insider directly owned 149,930 shares in the company, valued at $4,034,616.30. This represents a 6.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 51,242 shares of company stock worth $1,240,244. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. RTW Investments LP purchased a new stake in shares of Immunovant during the fourth quarter valued at approximately $80,781,000. Morgan Stanley boosted its position in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares during the last quarter. ADAR1 Capital Management LLC increased its position in shares of Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after acquiring an additional 1,706,687 shares during the last quarter. Logos Global Management LP lifted its stake in shares of Immunovant by 400.0% in the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after acquiring an additional 1,100,000 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Immunovant by 14.0% in the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after purchasing an additional 952,504 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Stock Down 1.1%

Shares of Immunovant stock opened at $26.36 on Tuesday. Immunovant has a 52-week low of $12.72 and a 52-week high of $27.92. The company’s 50-day simple moving average is $26.19 and its 200-day simple moving average is $21.33. The firm has a market cap of $5.37 billion, a price-to-earnings ratio of -9.80 and a beta of 0.54.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter last year, the company posted ($0.76) earnings per share. Equities research analysts anticipate that Immunovant will post -2.69 EPS for the current year.

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.