Oppenheimer Increases Immunovant (NASDAQ:IMVT) Price Target to $53.00

Immunovant (NASDAQ:IMVT) had its price target lifted by research analysts at Oppenheimer from $47.00 to $53.00 in a research note issued on Wednesday, Briefing.com reports. The brokerage presently has an “outperform” rating on the stock. Oppenheimer’s target price would suggest a potential upside of 78.99% from the stock’s previous close.

Several other research firms also recently commented on IMVT. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Monday, September 30th. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. UBS Group cut their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, 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. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $49.73.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $29.61 on Wednesday. Immunovant has a 1 year low of $24.67 and a 1 year high of $45.58. The firm has a market capitalization of $4.33 billion, a price-to-earnings ratio of -15.58 and a beta of 0.66. The business’s 50 day moving average price is $29.86 and its 200-day moving average price is $29.07.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the previous year, the firm posted ($0.57) earnings per share. On average, sell-side analysts expect that Immunovant will post -2.43 earnings per share for the current year.

Insider Activity at Immunovant

In related news, CTO Jay S. Stout sold 2,813 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $27.76, for a total transaction of $78,088.88. Following the completion of the transaction, the chief technology officer now directly owns 144,926 shares in the company, valued at $4,023,145.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, 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 completion of the transaction, the chief technology officer now owns 144,926 shares in the company, valued at approximately $4,023,145.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Eva Renee Barnett sold 3,123 shares of Immunovant stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total value of $92,721.87. Following the completion of the transaction, the chief financial officer now owns 347,544 shares of the company’s stock, valued at $10,318,581.36. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 20,582 shares of company stock worth $598,980 in the last three months. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently added to or reduced their stakes in the business. Octagon Capital Advisors LP increased its position in Immunovant by 127.3% during the fourth quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after buying an additional 1,273,289 shares during the period. Armistice Capital LLC increased its holdings in shares of Immunovant by 57.0% in the second quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after purchasing an additional 1,232,909 shares during the period. Vanguard Group Inc. increased its holdings in shares of Immunovant by 11.2% in the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after purchasing an additional 650,506 shares during the period. Alpine Global Management LLC increased its holdings in shares of Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after purchasing an additional 484,332 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Immunovant by 16.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock valued at $60,163,000 after purchasing an additional 259,481 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.