Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Price Target at $32.00

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given a consensus recommendation of “Hold” by the eleven analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $32.00.

Several research firms recently weighed in on IMVT. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a report on Tuesday, February 10th. The Goldman Sachs Group raised their price target on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. Finally, Guggenheim increased their price objective on Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, February 9th.

Insiders Place Their Bets

In related news, CEO Eric Venker sold 14,229 shares of the business’s stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total transaction of $342,918.90. Following the completion of the transaction, the chief executive officer owned 19,561 shares in the company, valued at $471,420.10. The trade was a 42.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tuyl Christopher Van sold 5,165 shares of the company’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total value of $128,246.95. Following the completion of the sale, the insider owned 183,231 shares of the company’s stock, valued at $4,549,625.73. This represents a 2.74% decrease in their ownership of the stock. 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 sold a total of 43,102 shares of company stock worth $1,062,611 over the last quarter. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IMVT. Arizona State Retirement System grew its holdings in Immunovant by 2.2% during the third quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock worth $326,000 after acquiring an additional 430 shares during the period. Empowered Funds LLC lifted its position in shares of Immunovant by 4.5% in the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock valued at $360,000 after acquiring an additional 610 shares in the last quarter. Wellington Management Group LLP lifted its position in Immunovant by 2.7% during the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after buying an additional 755 shares in the last quarter. Royal Bank of Canada increased its stake in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after acquiring an additional 780 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after acquiring an additional 900 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Price Performance

NASDAQ:IMVT opened at $24.50 on Wednesday. Immunovant has a one year low of $13.36 and a one year high of $29.25. The firm’s 50 day simple moving average is $25.60 and its 200 day simple moving average is $23.80. The company has a market cap of $4.99 billion, a PE ratio of -9.11 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter in the prior year, the business posted ($0.76) EPS. Equities research analysts expect that Immunovant will post -2.69 EPS for the current year.

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.