Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $37.33

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned a consensus recommendation of “Hold” from the eleven analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have given a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $37.3333.

IMVT has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price objective on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Sanford C. Bernstein initiated coverage on Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective for the company. HC Wainwright lifted their price objective on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Guggenheim lifted their price objective on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Finally, Truist Financial lifted their price objective on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd.

Immunovant Price Performance

Shares of IMVT stock opened at $38.85 on Monday. The stock’s fifty day simple moving average is $31.47 and its 200 day simple moving average is $27.77. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76. Immunovant has a one year low of $14.32 and a one year high of $39.28.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data 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 quarter in the previous year, the company posted ($0.64) earnings per share. On average, research analysts anticipate that Immunovant will post -2.65 earnings per share for the current year.

Insider Transactions at Immunovant

In other Immunovant news, CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $763,011.20. Following the completion of the transaction, the chief financial officer owned 247,596 shares in the company, valued at approximately $7,333,793.52. The trade was a 9.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 17,824 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $682,837.44. Following the sale, the insider owned 180,597 shares of the company’s stock, valued at approximately $6,918,671.07. The trade was a 8.98% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 384,253 shares of company stock worth $12,816,928. 1.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently made changes to their positions in the company. Geneos Wealth Management Inc. bought a new stake in shares of Immunovant during the fourth quarter worth $25,000. Strs Ohio bought a new stake in shares of Immunovant during the first quarter worth $27,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Immunovant during the third quarter worth $33,000. PNC Financial Services Group Inc. raised its position in shares of Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after acquiring an additional 1,646 shares during the last quarter. Finally, Quarry LP raised its position in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares during the last quarter. 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.