Immunovant, Inc. (NASDAQ:IMVT) Given Average Recommendation of “Moderate Buy” by Brokerages

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus recommendation of “Moderate Buy” from the ten brokerages that are covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and six have given a buy recommendation to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $44.00.

IMVT has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. The Goldman Sachs Group raised their price target on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Monday, July 6th. Guggenheim upped their price objective on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Finally, Truist Financial increased their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $39.89 on Tuesday. The business’s 50 day moving average price is $37.37 and its 200-day moving average price is $30.71. The firm has a market capitalization of $8.24 billion, a PE ratio of -14.15 and a beta of 0.77. Immunovant has a 1 year low of $14.32 and a 1 year high of $41.23.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same period last year, the firm earned ($0.71) EPS. As a group, analysts expect that Immunovant will post -2.65 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In related news, insider Tuyl Christopher Van sold 17,824 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $682,837.44. Following the completion of the sale, the insider owned 180,597 shares of the company’s stock, valued at approximately $6,918,671.07. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Melanie Gloria sold 17,714 shares of Immunovant stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the transaction, the chief operating officer owned 224,393 shares in the company, valued at approximately $8,596,495.83. The trade was a 7.32% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 324,810 shares of company stock worth $11,350,166. 1.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IMVT. Deep Track Capital LP increased its position in shares of Immunovant by 2.4% during the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock valued at $156,829,000 after acquiring an additional 228,845 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock worth $197,750,000 after acquiring an additional 952,504 shares during the last quarter. BlackRock Inc. acquired a new position in shares of Immunovant in the 2nd quarter worth approximately $276,680,000. Armistice Capital LLC boosted its position in shares of Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after purchasing an additional 636,000 shares during the period. Finally, Morgan Stanley boosted its position in shares of Immunovant by 147.4% during the 4th 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 during the period. Hedge funds and other institutional investors 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.