Immunovant (NASDAQ:IMVT) Rating Reiterated by Cantor Fitzgerald

Immunovant (NASDAQ:IMVT)‘s stock had its “overweight” rating reaffirmed by research analysts at Cantor Fitzgerald in a research note issued to investors on Monday, Benzinga reports.

Several other brokerages have also recently weighed in on IMVT. Oppenheimer lowered their target price on Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a report on Monday, June 3rd. UBS Group decreased their price objective on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. JPMorgan Chase & Co. cut their target price on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Thursday, May 30th. Fifteen analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant currently has an average rating of “Buy” and a consensus target price of $48.40.

Immunovant Stock Performance

Immunovant stock opened at $29.72 on Monday. The business’s 50-day simple moving average is $29.73 and its two-hundred day simple moving average is $29.67. The company has a market cap of $4.34 billion, a PE ratio of -15.64 and a beta of 0.67. Immunovant has a fifty-two week low of $19.50 and a fifty-two week high of $45.58.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same period last year, the business posted ($0.57) EPS. As a group, analysts predict that Immunovant will post -2.43 EPS for the current fiscal year.

Insider Activity at Immunovant

In related news, insider Mark S. Levine sold 2,505 shares of the company’s stock in a transaction that occurred on Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $74,373.45. Following the sale, the insider now directly owns 337,409 shares in the company, valued at $10,017,673.21. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Mark S. Levine sold 2,505 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $29.69, for a total value of $74,373.45. Following the transaction, the insider now owns 337,409 shares of the company’s stock, valued at $10,017,673.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jay S. Stout sold 2,813 shares of Immunovant stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total value of $78,088.88. Following the sale, the chief technology officer now directly owns 144,926 shares of the company’s stock, valued at $4,023,145.76. The disclosure for this sale can be found here. Over the last three months, insiders sold 31,475 shares of company stock worth $904,638. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Algert Global LLC boosted its holdings in shares of Immunovant by 134.1% in the second quarter. Algert Global LLC now owns 120,938 shares of the company’s stock valued at $3,193,000 after acquiring an additional 69,278 shares during the period. Scientech Research LLC purchased a new position in shares of Immunovant during the 2nd quarter worth approximately $334,000. Armistice Capital LLC grew its stake in shares of Immunovant by 57.0% during 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. Squarepoint Ops LLC increased its holdings in Immunovant by 5.6% in the second quarter. Squarepoint Ops LLC now owns 49,288 shares of the company’s stock valued at $1,301,000 after buying an additional 2,615 shares in the last quarter. Finally, Farallon Capital Management LLC acquired a new position in Immunovant during the second quarter worth $317,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.