Cantor Fitzgerald Reiterates Overweight Rating for Immunovant (NASDAQ:IMVT)

Cantor Fitzgerald reissued their overweight rating on shares of Immunovant (NASDAQ:IMVT) in a report published on Tuesday morning, Benzinga reports.

Several other equities analysts have also recently issued reports on the stock. HC Wainwright reiterated a buy rating and issued a $51.00 target price on shares of Immunovant in a research note on Thursday, May 30th. Oppenheimer reduced their target price on shares of Immunovant from $50.00 to $46.00 and set an outperform rating for the company in a research report on Monday, June 3rd. Truist Financial reissued a buy rating and issued a $48.00 price objective on shares of Immunovant in a report on Monday, March 25th. The Goldman Sachs Group initiated coverage on shares of Immunovant in a research note on Wednesday, March 13th. They set a buy rating and a $50.00 target price for the company. Finally, JPMorgan Chase & Co. started coverage on shares of Immunovant in a research report on Tuesday, February 20th. They set an overweight rating and a $51.00 price target on the stock. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant currently has a consensus rating of Buy and an average target price of $48.75.

Immunovant Stock Down 2.3 %

Shares of Immunovant stock opened at $26.19 on Tuesday. The firm’s 50 day moving average price is $28.31 and its 200-day moving average price is $34.07. Immunovant has a 52-week low of $18.16 and a 52-week high of $45.58. The company has a market cap of $3.83 billion, a P/E ratio of -13.78 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same period in the prior year, the firm earned ($0.46) EPS. As a group, equities research analysts forecast that Immunovant will post -2.1 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, insider Michael Geffner sold 3,261 shares of Immunovant stock in a transaction on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total value of $94,242.90. Following the transaction, the insider now directly owns 141,616 shares in the company, valued at approximately $4,092,702.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of the business’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $149,882.26. Following the sale, the chief executive officer now directly owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Geffner sold 3,261 shares of Immunovant stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total value of $94,242.90. Following the transaction, the insider now directly owns 141,616 shares of the company’s stock, valued at approximately $4,092,702.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 99,948 shares of company stock worth $2,936,889. Insiders own 4.80% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IMVT. Citigroup Inc. grew its holdings in Immunovant by 43.3% in the 3rd quarter. Citigroup Inc. now owns 126,316 shares of the company’s stock valued at $4,849,000 after buying an additional 38,179 shares during the period. Rhumbline Advisers increased its position in Immunovant by 3.3% in the third quarter. Rhumbline Advisers now owns 74,565 shares of the company’s stock worth $2,863,000 after buying an additional 2,367 shares during the period. FMR LLC grew its stake in shares of Immunovant by 47.5% in the third quarter. FMR LLC now owns 7,748,546 shares of the company’s stock worth $297,467,000 after purchasing an additional 2,494,678 shares in the last quarter. Invesco Ltd. grew its stake in shares of Immunovant by 957.8% in the third quarter. Invesco Ltd. now owns 239,055 shares of the company’s stock worth $9,177,000 after purchasing an additional 216,455 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new position in Immunovant during the third quarter valued at about $395,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.