Immunovant (NASDAQ:IMVT – Get Free Report) had its price target raised by Guggenheim from $44.00 to $62.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 81.55% from the stock’s previous close.
IMVT has been the subject of a number of other reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Sanford C. Bernstein assumed coverage on Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 price target for the company. HC Wainwright increased their price objective on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday. The Goldman Sachs Group increased their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Finally, Truist Financial increased their price objective on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Immunovant currently has an average rating of “Hold” and an average price target of $37.33.
Check Out Our Latest Analysis on Immunovant
Immunovant Price Performance
Immunovant (NASDAQ:IMVT – Get Free Report) last released its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the company posted ($0.64) earnings per share. As a group, sell-side analysts expect that Immunovant will post -2.62 earnings per share for the current year.
Insiders Place Their Bets
In related news, Director Atul Pande sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $32.00, for a total value of $192,000.00. Following the transaction, the director owned 116,731 shares of the company’s stock, valued at approximately $3,735,392. This trade represents a 4.89% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Tiago Girao sold 25,760 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20. Following the completion of the transaction, the chief financial officer directly owned 247,596 shares in the company, valued at approximately $7,333,793.52. The trade was a 9.42% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 78,141 shares of company stock worth $2,115,713 in the last 90 days. Company insiders own 1.80% of the company’s stock.
Hedge Funds Weigh In On Immunovant
Hedge funds have recently modified their holdings of the company. Granahan Investment Management LLC lifted its position in shares of Immunovant by 24.9% during the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock worth $4,291,000 after buying an additional 53,133 shares in the last quarter. Aberdeen Group plc lifted its position in shares of Immunovant by 16.2% during the 3rd quarter. Aberdeen Group plc now owns 981,804 shares of the company’s stock worth $15,827,000 after buying an additional 137,099 shares in the last quarter. Alpine Global Management LLC lifted its position in shares of Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after buying an additional 128,039 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Immunovant during the 4th quarter worth approximately $1,823,000. Finally, HighVista Strategies LLC lifted its position in shares of Immunovant by 38.5% during the 3rd quarter. HighVista Strategies LLC now owns 253,127 shares of the company’s stock worth $4,080,000 after buying an additional 70,319 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.
Immunovant Company Profile
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.
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