JPMorgan Chase & Co. Cuts Immunovant (NASDAQ:IMVT) Price Target to $37.00

Immunovant (NASDAQ:IMVT) had its price objective cut by JPMorgan Chase & Co. from $40.00 to $37.00 in a report released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Immunovant to a “hold” rating and set a $18.00 target price on the stock in a research note on Thursday, July 10th. Citigroup restated a “buy” rating on shares of Immunovant in a research note on Monday. UBS Group lifted their target price on shares of Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a research note on Monday, July 28th. Finally, Bank of America lowered their target price on shares of Immunovant from $33.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $35.20.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $15.20 on Tuesday. The company has a market capitalization of $2.65 billion, a price-to-earnings ratio of -5.33 and a beta of 0.66. The company has a 50 day simple moving average of $16.53 and a two-hundred day simple moving average of $16.98. Immunovant has a fifty-two week low of $12.72 and a fifty-two week high of $34.47.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.09. During the same quarter in the previous year, the firm posted ($0.60) earnings per share. On average, analysts forecast that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the business’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the sale, the chief technology officer directly owned 204,919 shares in the company, valued at $3,719,279.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Michael Geffner sold 2,385 shares of the business’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the sale, the insider directly owned 221,825 shares of the company’s stock, valued at approximately $4,026,123.75. This trade represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,869 shares of company stock worth $140,384. Insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently modified their holdings of the business. Alliancebernstein L.P. increased its stake in Immunovant by 5.9% during the 4th quarter. Alliancebernstein L.P. now owns 74,850 shares of the company’s stock valued at $1,854,000 after purchasing an additional 4,200 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Immunovant by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 1,515,020 shares of the company’s stock worth $37,536,000 after acquiring an additional 4,094 shares during the period. Wells Fargo & Company MN increased its stake in shares of Immunovant by 50.0% in the fourth quarter. Wells Fargo & Company MN now owns 28,063 shares of the company’s stock worth $695,000 after acquiring an additional 9,349 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Immunovant in the fourth quarter worth $505,000. Finally, XTX Topco Ltd purchased a new stake in Immunovant during the fourth quarter worth $563,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.