Bank of America Cuts Immunovant (NASDAQ:IMVT) Price Target to $45.00

Immunovant (NASDAQ:IMVT) had its price target cut by research analysts at Bank of America from $48.00 to $45.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. Bank of America‘s price objective would indicate a potential upside of 89.08% from the stock’s previous close.

Several other research firms also recently weighed in on IMVT. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wells Fargo & Company cut their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a research report on Friday, November 8th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Oppenheimer lifted their target price on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.00.

Immunovant Price Performance

Shares of NASDAQ IMVT opened at $23.80 on Wednesday. Immunovant has a 1-year low of $22.41 and a 1-year high of $42.14. The business has a fifty day moving average price of $26.65 and a 200 day moving average price of $28.53. The stock has a market capitalization of $3.49 billion, a P/E ratio of -10.72 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period last year, the firm posted ($0.45) earnings per share. As a group, equities research analysts anticipate that Immunovant will post -2.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the stock in a transaction dated Monday, January 13th. The shares were acquired at an average cost of $20.00 per share, with a total value of $336,900,200.00. Following the purchase, the director now directly owns 96,650,341 shares in the company, valued at $1,933,006,820. The trade was a 21.11 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,740 shares of Immunovant stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $80,912.20. Following the completion of the transaction, the chief technology officer now owns 142,186 shares of the company’s stock, valued at approximately $4,198,752.58. This represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 61,693 shares of company stock valued at $1,586,625. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently bought and sold shares of the business. KBC Group NV increased its position in shares of Immunovant by 46.2% in the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after buying an additional 612 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after acquiring an additional 934 shares during the period. Assetmark Inc. increased its holdings in Immunovant by 73.8% in the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after acquiring an additional 1,228 shares in the last quarter. Tyro Capital Management LLC raised its position in Immunovant by 0.6% during the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock worth $7,189,000 after acquiring an additional 1,529 shares during the period. Finally, Quest Partners LLC lifted its holdings in Immunovant by 216.7% during the second 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 in the last quarter. 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.