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

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus rating of “Buy” from the twelve ratings firms that are currently covering the company, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $43.55.

A number of analysts have weighed in on the stock. Jefferies Financial Group initiated coverage on shares of Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective for the company. Guggenheim reissued a “buy” rating on shares of Immunovant in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday, February 7th. Wells Fargo & Company reduced their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Bank of America decreased their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th.

Immunovant Stock Performance

Shares of IMVT opened at $20.30 on Tuesday. The firm’s 50-day simple moving average is $21.77 and its two-hundred day simple moving average is $26.40. Immunovant has a fifty-two week low of $17.65 and a fifty-two week high of $35.97. The stock has a market cap of $3.45 billion, a PE ratio of -7.75 and a beta of 0.68.

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 analysts’ consensus estimates of ($0.68) by ($0.08). Equities research analysts predict that Immunovant will post -2.69 EPS for the current year.

Insiders Place Their Bets

In other Immunovant news, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were bought at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the acquisition, the director now owns 96,650,341 shares in the company, valued at $1,933,006,820. This represents a 21.11 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter Salzmann sold 5,105 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the sale, the chief executive officer now owns 972,992 shares of the company’s stock, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,510 shares of company stock valued at $656,886. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV increased its position in Immunovant by 46.2% in the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after acquiring an additional 934 shares in the last quarter. Rhumbline Advisers raised its stake in Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after acquiring an additional 1,188 shares during the period. Swiss National Bank lifted its holdings in Immunovant by 1.2% during the fourth quarter. Swiss National Bank now owns 100,800 shares of the company’s stock valued at $2,497,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Assetmark Inc. lifted its holdings in Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after purchasing an additional 1,228 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.