Guggenheim Issues Positive Forecast for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its target price increased by analysts at Guggenheim from $44.00 to $62.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the stock. Guggenheim’s price target points to a potential upside of 81.55% from the company’s current price.

A number of other research analysts have also weighed in on IMVT. Truist Financial lifted 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. Citigroup reiterated a “buy” rating on shares of Immunovant in a research note on Thursday. HC Wainwright lifted their price objective on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday. The Goldman Sachs Group lifted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Finally, Sanford C. Bernstein started coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective for the company. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $37.33.

Immunovant Price Performance

Shares of IMVT stock opened at $34.15 on Tuesday. The company has a 50 day moving average of $27.00 and a 200-day moving average of $25.99. Immunovant has a 12-month low of $13.79 and a 12-month high of $36.28. The firm has a market cap of $7.01 billion, a P/E ratio of -12.28 and a beta of 0.70.

Immunovant (NASDAQ:IMVT) last issued 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 in the prior year, the firm posted ($0.64) EPS. As a group, equities analysts expect that Immunovant will post -2.62 EPS for the current year.

Insider Transactions at Immunovant

In other news, COO Melanie Gloria sold 8,722 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total value of $216,567.26. Following the completion of the transaction, the chief operating officer directly owned 245,222 shares in the company, valued at approximately $6,088,862.26. This represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 10,132 shares of the company’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $251,577.56. Following the sale, the chief technology officer owned 254,439 shares of the company’s stock, valued at approximately $6,317,720.37. The trade was a 3.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 78,141 shares of company stock worth $2,115,713. Company insiders own 1.80% of the company’s stock.

Institutional Trading of Immunovant

A number of institutional investors have recently modified their holdings of IMVT. RTW Investments LP purchased a new stake in shares of Immunovant during the fourth quarter worth about $80,781,000. Morgan Stanley raised its stake in Immunovant by 147.4% in the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after buying an additional 2,887,359 shares in the last quarter. Jennison Associates LLC raised its stake in Immunovant by 356.4% in the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after buying an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after buying an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP raised its stake in Immunovant by 400.0% in the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after buying an additional 1,100,000 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.