Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $48.10

Immunovant, Inc. (NASDAQ:IMVT) has earned a consensus rating of “Buy” from the eleven analysts that are covering the company, Marketbeat Ratings reports. Eleven analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $48.10.

A number of analysts have recently commented on the company. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. JPMorgan Chase & Co. cut their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Raymond James reiterated an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Finally, UBS Group reduced their price target on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th.

Immunovant Stock Performance

IMVT opened at $27.16 on Friday. The company has a fifty day moving average of $28.99 and a two-hundred day moving average of $28.86. The stock has a market capitalization of $3.99 billion, a price-to-earnings ratio of -12.23 and a beta of 0.66. Immunovant has a fifty-two week low of $24.61 and a fifty-two week high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the firm posted ($0.45) earnings per share. On average, equities research analysts forecast that Immunovant will post -2.7 earnings per share for the current year.

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 2,740 shares of Immunovant stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $80,912.20. Following the transaction, the chief technology officer now owns 142,186 shares in the company, valued at $4,198,752.58. The trade was a 1.89 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $131,837.60. Following the completion of the sale, the chief executive officer now directly owns 1,003,884 shares of the company’s stock, valued at $29,674,811.04. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,659 shares of company stock valued at $2,096,890. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after purchasing an additional 96,924 shares during the last quarter. State Street Corp boosted its stake in Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares during the period. Baker BROS. Advisors LP increased its position in shares of Immunovant by 163.7% during the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after acquiring an additional 760,692 shares during the last quarter. Erste Asset Management GmbH purchased a new stake in shares of Immunovant in the 3rd quarter valued at approximately $1,471,000. Finally, Advantage Alpha Capital Partners LP acquired a new position in shares of Immunovant in the 3rd quarter worth approximately $427,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.