Immunovant’s (IMVT) “Buy” Rating Reaffirmed at Guggenheim

Guggenheim restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report published on Thursday morning,Benzinga reports.

Several other research analysts have also recently issued reports on IMVT. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Wednesday. Wells Fargo & Company reduced their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Jefferies Financial Group started coverage on Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 price target for the company. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Immunovant has an average rating of “Buy” and an average target price of $41.70.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $19.69 on Thursday. The company has a market cap of $3.34 billion, a PE ratio of -7.52 and a beta of 0.68. The business has a 50-day simple moving average of $20.94 and a two-hundred day simple moving average of $25.79. Immunovant has a fifty-two week low of $17.01 and a fifty-two week high of $35.97.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, sell-side analysts predict that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Activity

In other Immunovant news, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the business’s stock in a transaction dated Monday, January 13th. The stock was acquired at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the transaction, the director now directly owns 96,650,341 shares of the company’s stock, valued at $1,933,006,820. This represents a 21.11 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the sale, the director now owns 91,913 shares of the company’s stock, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock worth $813,686 over the last three months. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Institutional investors have recently made changes to their positions in the company. Victory Capital Management Inc. boosted its stake in shares of Immunovant by 7.4% in the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after acquiring an additional 22,990 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after acquiring an additional 91,259 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after acquiring an additional 391,436 shares during the last quarter. ABC Arbitrage SA acquired a new stake in shares of Immunovant in the fourth quarter worth approximately $734,000. Finally, State Street Corp boosted its stake in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares during the last quarter. 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.