Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) PT at $37.33

Immunovant, Inc. (NASDAQ:IMVT) has received a consensus rating of “Hold” from the eleven research firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have given a buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $37.3333.

IMVT has been the subject of several research analyst reports. Sanford C. Bernstein initiated coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target for the company. Bank of America boosted their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Truist Financial boosted their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd. The Goldman Sachs Group boosted their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Guggenheim boosted their price target on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th.

Insider Buying and Selling

In related news, COO Melanie Gloria sold 8,722 shares of the company’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $216,567.26. Following the completion of the transaction, the chief operating officer directly owned 245,222 shares of the company’s stock, valued at approximately $6,088,862.26. This represents a 3.43% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Andrew J. Fromkin sold 221,951 shares of the company’s stock in a transaction on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the transaction, the director directly owned 74,382 shares of the company’s stock, valued at approximately $2,492,540.82. The trade was a 74.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 300,092 shares of company stock worth $9,553,291 over the last ninety days. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its stake in Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after purchasing an additional 381 shares during the period. Arizona State Retirement System boosted its stake in shares of Immunovant by 2.2% during the 3rd quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock worth $326,000 after buying an additional 430 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after buying an additional 755 shares during the last quarter. Royal Bank of Canada boosted its stake in shares of Immunovant by 20.7% during the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after buying an additional 780 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in shares of Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after buying an additional 900 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Stock Down 1.3%

IMVT stock opened at $32.86 on Thursday. The business’s fifty day moving average is $27.90 and its 200-day moving average is $26.34. The company has a market cap of $6.75 billion, a P/E ratio of -11.82 and a beta of 0.76. Immunovant has a twelve month low of $14.32 and a twelve month high of $36.28.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the prior year, the business earned ($0.64) earnings per share. Research analysts anticipate that Immunovant will post -2.62 earnings per share for the current fiscal 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.