Immunovant, Inc. (NASDAQ:IMVT) Receives Consensus Rating of “Moderate Buy” from Brokerages

Shares of Immunovant, Inc. (NASDAQ:IMVT) have received a consensus rating of “Moderate Buy” from the eleven brokerages that are presently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating on the company. The average 1-year price target among brokerages that have covered the stock in the last year is $44.00.

Several brokerages recently issued reports on IMVT. JPMorgan Chase & Co. increased their price target on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Guggenheim lifted their target price on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Finally, Bank of America boosted their price target on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st.

Immunovant Stock Up 0.3%

Shares of IMVT stock opened at $39.25 on Friday. The business’s fifty day moving average is $40.44 and its 200 day moving average is $32.83. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -13.92 and a beta of 0.81. Immunovant has a twelve month low of $14.58 and a twelve month high of $45.42.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period in the prior year, the company earned ($0.71) earnings per share. Equities research analysts expect that Immunovant will post -2.96 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other news, CEO Eric Venker sold 3,092 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total transaction of $118,980.16. Following the completion of the transaction, the chief executive officer directly owned 254,280 shares in the company, valued at $9,784,694.40. This trade represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 40,000 shares of the company’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the completion of the transaction, the chief technology officer owned 211,685 shares in the company, valued at approximately $8,109,652.35. The trade was a 15.89% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 98,359 shares of company stock worth $3,785,493 over the last quarter. 1.90% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors have recently made changes to their positions in the company. Renaissance Technologies LLC bought a new position in Immunovant in the 1st quarter valued at approximately $4,782,000. GSA Capital Partners LLP purchased a new stake in Immunovant during the 2nd quarter valued at $2,515,000. Pictet Asset Management Holding SA increased its holdings in shares of Immunovant by 24.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company’s stock worth $11,734,000 after purchasing an additional 91,539 shares in the last quarter. Profund Advisors LLC increased its holdings in shares of Immunovant by 120.4% in the 4th quarter. Profund Advisors LLC now owns 49,076 shares of the company’s stock worth $1,248,000 after purchasing an additional 26,810 shares in the last quarter. Finally, Two Seas Capital LP raised its stake in shares of Immunovant by 3.8% in the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company’s stock worth $72,878,000 after purchasing an additional 104,922 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.