Immunovant (NASDAQ:IMVT) Earns Outperform Rating from Analysts at Oppenheimer

Analysts at Oppenheimer started coverage on shares of Immunovant (NASDAQ:IMVT) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $50.00 price target on the stock. Oppenheimer’s target price would suggest a potential upside of 53.75% from the stock’s current price.

A number of other analysts also recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Immunovant in a research report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 target price for the company. Deutsche Bank Aktiengesellschaft began coverage on shares of Immunovant in a research report on Tuesday, December 12th. They set a “buy” rating and a $50.00 target price for the company. Wolfe Research began coverage on shares of Immunovant in a research report on Thursday, February 15th. They issued an “outperform” rating and a $55.00 price objective for the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Friday, January 12th. Finally, The Goldman Sachs Group began coverage on shares of Immunovant in a research report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective for the company. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Immunovant currently has an average rating of “Buy” and an average target price of $48.00.

Immunovant Price Performance

NASDAQ IMVT opened at $32.52 on Thursday. Immunovant has a 12 month low of $14.05 and a 12 month high of $45.58. The company has a 50-day moving average of $35.39 and a 200-day moving average of $35.67. The company has a market cap of $4.72 billion, a P/E ratio of -17.67 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, February 12th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. As a group, equities research analysts anticipate that Immunovant will post -1.7 EPS for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Mark S. Levine sold 2,134 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total value of $77,144.10. Following the sale, the insider now directly owns 301,968 shares in the company, valued at $10,916,143.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Eva Renee Barnett sold 2,930 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total transaction of $105,919.50. Following the transaction, the chief financial officer now directly owns 320,420 shares of the company’s stock, valued at $11,583,183. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark S. Levine sold 2,134 shares of the firm’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $36.15, for a total value of $77,144.10. Following the transaction, the insider now directly owns 301,968 shares in the company, valued at $10,916,143.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 17,151 shares of company stock worth $659,896. 4.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. AWM Investment Company Inc. acquired a new position in Immunovant during the third quarter worth about $1,920,000. Citigroup Inc. grew its holdings in Immunovant by 43.3% during the third quarter. Citigroup Inc. now owns 126,316 shares of the company’s stock worth $4,849,000 after acquiring an additional 38,179 shares during the period. Principal Financial Group Inc. boosted its position in shares of Immunovant by 1,299.7% in the 3rd quarter. Principal Financial Group Inc. now owns 327,075 shares of the company’s stock valued at $12,556,000 after purchasing an additional 303,707 shares during the period. Legato Capital Management LLC boosted its position in shares of Immunovant by 74.7% in the 4th quarter. Legato Capital Management LLC now owns 11,840 shares of the company’s stock valued at $499,000 after purchasing an additional 5,061 shares during the period. Finally, Wellington Management Group LLP acquired a new position in shares of Immunovant in the 3rd quarter valued at $6,473,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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.