Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) PT at $39.70

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given an average recommendation of “Hold” by the eleven research firms that are covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have given a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokers that have issued a report on the stock in the last year is $39.70.

A number of brokerages have weighed in on IMVT. HC Wainwright raised their price objective on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Citigroup upped their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. The Goldman Sachs Group increased their target price on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Guggenheim raised their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, Truist Financial boosted their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 40,000 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 transaction of $1,532,400.00. Following the transaction, the chief technology officer owned 211,685 shares of the company’s stock, valued at approximately $8,109,652.35. The trade was a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Tiago Girao sold 10,000 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.46, for a total value of $384,600.00. Following the completion of the sale, the chief financial officer owned 247,596 shares of the company’s stock, valued at approximately $9,522,542.16. The trade was a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 327,312 shares of company stock worth $11,418,145. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB grew its holdings in shares of Immunovant by 6.8% in the second quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock valued at $1,329,000 after purchasing an additional 2,200 shares during the period. Hennion & Walsh Asset Management Inc. boosted its holdings in Immunovant by 32.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 120,686 shares of the company’s stock valued at $4,650,000 after purchasing an additional 29,677 shares during the last quarter. Bank of America Corp DE grew its stake in shares of Immunovant by 185.1% in the 1st quarter. Bank of America Corp DE now owns 893,678 shares of the company’s stock valued at $22,199,000 after buying an additional 580,197 shares during the period. ADAR1 Capital Management LLC grew its stake in shares of Immunovant by 8.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after buying an additional 198,042 shares during the period. Finally, California State Teachers Retirement System increased its holdings in shares of Immunovant by 9.7% during the 1st quarter. California State Teachers Retirement System now owns 94,286 shares of the company’s stock worth $2,342,000 after buying an additional 8,334 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Price Performance

Shares of Immunovant stock opened at $39.37 on Friday. The stock has a market capitalization of $8.08 billion, a P/E ratio of -14.16 and a beta of 0.76. The business has a 50 day simple moving average of $35.63 and a two-hundred day simple moving average of $29.60. Immunovant has a 12 month low of $14.32 and a 12 month high of $41.23.

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 analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the previous year, the business earned ($0.64) earnings per share. As a group, research analysts anticipate that Immunovant will post -2.65 EPS for the current fiscal year.

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.