Immunovant, Inc. (NASDAQ:IMVT) Receives Consensus Rating of “Hold” from Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVTGet Free Report) have been assigned a consensus recommendation of “Hold” from the eleven analysts that are presently covering the company, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $39.70.

Several analysts have recently commented on IMVT shares. Guggenheim increased their price objective on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Bank of America boosted their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. HC Wainwright upped their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Finally, Citigroup raised their price target on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th.

Check Out Our Latest Stock Analysis on IMVT

Insider Transactions at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 17,824 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44. Following the transaction, the insider owned 180,597 shares in the company, valued at approximately $6,918,671.07. This represents a 8.98% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were 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 $8,109,652.35. The trade was a 15.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 355,826 shares of company stock worth $12,262,730 over the last ninety days. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently made changes to their positions in the stock. RTW Investments LP purchased a new stake in shares of Immunovant during the fourth quarter valued at $80,781,000. Morgan Stanley raised its stake in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after acquiring an additional 2,887,359 shares during the last quarter. Jennison Associates LLC lifted its position in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC grew its stake in Immunovant by 319.0% during the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP increased its holdings in shares of Immunovant by 400.0% in the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after purchasing an additional 1,100,000 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Stock Down 2.3%

NASDAQ:IMVT opened at $38.96 on Friday. The stock has a market capitalization of $8.00 billion, a price-to-earnings ratio of -14.01 and a beta of 0.76. Immunovant has a 52 week low of $14.32 and a 52 week high of $41.23. The firm has a 50 day moving average of $34.57 and a 200 day moving average of $29.10.

Immunovant (NASDAQ:IMVTGet Free Report) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period last year, the firm earned ($0.64) EPS. As a group, analysts expect that Immunovant will post -2.65 EPS for the current year.

About Immunovant

(Get Free Report)

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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Analyst Recommendations for Immunovant (NASDAQ:IMVT)

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