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

HC Wainwright reissued their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research report released on Monday, Benzinga reports. The firm currently has a $51.00 price objective on the stock.

IMVT has been the topic of a number of other reports. JPMorgan Chase & Co. reduced their price objective on shares of Immunovant from $51.00 to $46.00 and set an overweight rating on the stock in a research note on Thursday, August 8th. UBS Group reduced their price target on shares of Immunovant from $42.00 to $41.00 and set a buy rating on the stock in a research report on Tuesday, August 13th. Cantor Fitzgerald restated an overweight rating on shares of Immunovant in a research report on Monday, September 9th. Finally, Oppenheimer reduced 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. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of Buy and an average price target of $49.09.

Immunovant Stock Performance

IMVT opened at $28.51 on Monday. The company has a fifty day moving average price of $29.74 and a two-hundred day moving average price of $29.16. The firm has a market capitalization of $4.17 billion, a PE ratio of -15.01 and a beta of 0.67. Immunovant has a 52 week low of $24.67 and a 52 week high of $45.58.

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

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Michael Geffner sold 3,456 shares of Immunovant stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total value of $95,938.56. Following the sale, the insider now directly owns 138,160 shares in the company, valued at approximately $3,835,321.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CTO Jay S. Stout sold 2,813 shares of the firm’s stock in a transaction on Wednesday, July 24th. The shares were sold at an average price of $27.76, for a total value of $78,088.88. Following the completion of the transaction, the chief technology officer now directly owns 144,926 shares of the company’s stock, valued at $4,023,145.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Michael Geffner sold 3,456 shares of the business’s stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total transaction of $95,938.56. Following the transaction, the insider now owns 138,160 shares in the company, valued at $3,835,321.60. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,475 shares of company stock worth $904,638. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Quest Partners LLC lifted its stake in Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after purchasing an additional 1,786 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Immunovant in the second quarter valued at approximately $77,000. EntryPoint Capital LLC boosted its stake in shares of Immunovant by 288.8% during the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after acquiring an additional 2,163 shares during the period. DNB Asset Management AS increased its holdings in shares of Immunovant by 10.3% during the 2nd quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock worth $271,000 after acquiring an additional 958 shares during the last quarter. Finally, Farallon Capital Management LLC acquired a new position in shares of Immunovant during the 2nd quarter worth approximately $317,000. Institutional investors 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.