Immunovant, Inc. (NASDAQ:IMVT) Receives $48.75 Average Target Price from Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned a consensus recommendation of “Buy” from the seventeen brokerages that are covering the firm, MarketBeat Ratings reports. Seventeen research analysts have rated the stock with a buy rating. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $48.75.

Several brokerages recently weighed in on IMVT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Tuesday, June 18th. The Goldman Sachs Group began coverage on Immunovant in a research report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 target price on the stock. Truist Financial reaffirmed a “buy” rating and issued a $48.00 target price on shares of Immunovant in a research report on Monday, March 25th. Oppenheimer cut their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a research report on Monday, June 3rd. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research report on Thursday, May 30th.

Insider Activity

In other news, CFO Eva Renee Barnett sold 3,689 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $115,023.02. Following the completion of the sale, the chief financial officer now directly owns 371,709 shares in the company, valued at $11,589,886.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Eva Renee Barnett sold 3,689 shares of the firm’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $115,023.02. Following the completion of the sale, the chief financial officer now directly owns 371,709 shares in the company, valued at $11,589,886.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Julia G. Butchko sold 1,053 shares of the stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $32,832.54. Following the transaction, the insider now directly owns 461,742 shares in the company, valued at approximately $14,397,115.56. The disclosure for this sale can be found here. Insiders sold 99,948 shares of company stock worth $2,936,889 over the last ninety days. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several large investors have recently modified their holdings of IMVT. Rhumbline Advisers lifted its position in shares of Immunovant by 3.3% during the third quarter. Rhumbline Advisers now owns 74,565 shares of the company’s stock worth $2,863,000 after purchasing an additional 2,367 shares during the last quarter. Invesco Ltd. lifted its position in shares of Immunovant by 957.8% during 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 during the last quarter. Dark Forest Capital Management LP bought a new position in shares of Immunovant during the third quarter worth about $395,000. Trexquant Investment LP bought a new position in shares of Immunovant during the third quarter worth about $2,987,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Immunovant by 442.1% during the third quarter. Tower Research Capital LLC TRC now owns 9,628 shares of the company’s stock worth $370,000 after purchasing an additional 7,852 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Stock Up 1.5 %

Shares of Immunovant stock opened at $26.40 on Thursday. Immunovant has a fifty-two week low of $18.16 and a fifty-two week high of $45.58. The firm has a market cap of $3.86 billion, a PE ratio of -13.89 and a beta of 0.67. The business’s fifty day moving average is $27.86 and its two-hundred day moving average is $33.42.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same period in the prior year, the firm earned ($0.46) earnings per share. Equities research analysts anticipate that Immunovant will post -2.11 EPS for the current year.

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.