The Goldman Sachs Group Forecasts Strong Price Appreciation for Immunovant (NASDAQ:IMVT) Stock

Immunovant (NASDAQ:IMVT) had its price objective increased by equities research analysts at The Goldman Sachs Group from $18.00 to $28.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. The Goldman Sachs Group’s target price indicates a potential upside of 8.72% from the company’s previous close.

A number of other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. cut their price objective on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, September 30th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Immunovant in a research note on Thursday, September 4th. Finally, Truist Financial assumed coverage on Immunovant in a research note on Tuesday, October 14th. They issued a “hold” rating and a $16.00 target price for the company. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $29.89.

Immunovant Trading Down 2.5%

Shares of IMVT traded down $0.67 during midday trading on Monday, reaching $25.76. The stock had a trading volume of 1,965,178 shares, compared to its average volume of 1,561,453. The company has a market capitalization of $4.51 billion, a price-to-earnings ratio of -9.07 and a beta of 0.56. The company’s 50-day moving average is $21.70 and its 200 day moving average is $18.07. Immunovant has a 12-month low of $12.72 and a 12-month high of $28.08.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same period in the prior year, the company posted ($0.74) earnings per share. Research analysts forecast that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Andrew J. Fromkin sold 22,249 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $23.25, for a total transaction of $517,289.25. Following the transaction, the director owned 85,852 shares in the company, valued at $1,996,059. The trade was a 20.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Douglas J. Hughes sold 15,000 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the sale, the director owned 120,773 shares of the company’s stock, valued at approximately $2,806,764.52. This trade represents a 11.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 57,847 shares of company stock valued at $1,308,023 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Large investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its holdings in shares of Immunovant by 2.2% during the third quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock valued at $326,000 after purchasing an additional 430 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Immunovant by 11.4% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock worth $106,000 after buying an additional 675 shares during the last quarter. The Manufacturers Life Insurance Company increased its position in Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after buying an additional 900 shares in the last quarter. Ameritas Investment Partners Inc. raised its stake in Immunovant by 14.9% during the second quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock valued at $112,000 after buying an additional 904 shares during the last quarter. Finally, Strs Ohio bought a new stake in Immunovant in the first quarter worth $27,000. 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.