Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) has received an average rating of “Moderate Buy” from the ten research firms that are presently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $44.00.
Several research analysts have issued reports on IMVT shares. Guggenheim upped their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. JPMorgan Chase & Co. boosted their target price on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. HC Wainwright raised their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Citigroup lifted their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Finally, Truist Financial raised their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd.
Read Our Latest Report on IMVT
Immunovant Stock Up 4.5%
Immunovant (NASDAQ:IMVT – Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same period in the previous year, the company posted ($0.71) earnings per share. As a group, equities analysts predict that Immunovant will post -2.72 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Immunovant news, CTO Jay S. Stout sold 40,000 shares of the firm’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the transaction, the chief technology officer owned 211,685 shares in the company, valued at approximately $8,109,652.35. This trade represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew J. Fromkin sold 221,951 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $33.51, for a total value of $7,437,578.01. Following the transaction, the director owned 74,382 shares of the company’s stock, valued at $2,492,540.82. The trade was a 74.90% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 324,810 shares of company stock worth $11,350,166 over the last three months. Insiders own 1.90% of the company’s stock.
Hedge Funds Weigh In On Immunovant
Institutional investors and hedge funds have recently made changes to their positions in the company. Corient Private Wealth LP acquired a new stake in shares of Immunovant during the second quarter worth $945,000. Bank of America Corp DE bought a new position in Immunovant during the 2nd quarter worth about $45,521,000. Man Group plc bought a new position in Immunovant during the 2nd quarter worth about $5,399,000. Jupiter Topco LLC acquired a new stake in shares of Immunovant in the 2nd quarter valued at about $1,003,000. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Immunovant in the 2nd quarter valued at about $89,802,000. Institutional investors and hedge funds 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.
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