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

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus recommendation of “Buy” from the ten ratings firms that are currently covering the firm, Marketbeat reports. Ten investment analysts have rated the stock with a buy recommendation. The average 12 month price target among analysts that have covered the stock in the last year is $47.22.

IMVT has been the topic of a number of research reports. Wells Fargo & Company dropped their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Oppenheimer boosted their price objective on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Raymond James reissued an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th.

Immunovant Price Performance

Shares of NASDAQ IMVT opened at $26.08 on Thursday. Immunovant has a 1 year low of $24.61 and a 1 year high of $45.58. The company’s 50-day moving average is $28.34 and its 200 day moving average is $28.75. The stock has a market capitalization of $3.83 billion, a P/E ratio of -11.75 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the firm posted ($0.45) earnings per share. Research analysts anticipate that Immunovant will post -2.73 earnings per share for the current year.

Insider Activity

In other Immunovant news, CTO Jay S. Stout sold 2,740 shares of the business’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $80,912.20. Following the completion of the sale, the chief technology officer now directly owns 142,186 shares in the company, valued at $4,198,752.58. The trade was a 1.89 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider William L. Macias sold 3,188 shares of the stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total transaction of $91,782.52. Following the completion of the transaction, the insider now owns 365,144 shares in the company, valued at $10,512,495.76. This trade represents a 0.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,659 shares of company stock valued at $2,096,890 over the last three months. Insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Large investors have recently added to or reduced their stakes in the business. FMR LLC raised its position in Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after acquiring an additional 2,053,688 shares during the period. Armistice Capital LLC raised its holdings in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after purchasing an additional 1,232,909 shares during the period. State Street Corp raised its holdings in Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after purchasing an additional 303,386 shares during the period. Geode Capital Management LLC lifted its position in Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after purchasing an additional 96,924 shares in the last quarter. Finally, Baker BROS. Advisors LP grew its holdings in Immunovant by 163.7% during the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after purchasing an additional 760,692 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Company Profile

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.