Immunovant, Inc. (NASDAQ:IMVT) Stock Has Average Target Price of $44.00

Immunovant, Inc. (NASDAQ:IMVT) has been assigned a consensus recommendation of “Moderate Buy” from the twelve ratings firms that are currently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The average 12-month price objective among analysts that have covered the stock in the last year is $44.00.

IMVT has been the topic of a number of analyst reports. JPMorgan Chase & Co. upped their price objective on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, October 2nd. UBS Group reissued a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. Finally, Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th.

Insider Activity

In other news, insider Christopher Van Tuyl sold 1,327 shares of the business’s stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total value of $42,543.62. Following the transaction, the insider directly owned 175,218 shares of the company’s stock, valued at $5,617,489.08. The trade was a 0.75% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,241 shares of the company’s stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total value of $71,846.46. Following the sale, the chief operating officer owned 217,060 shares in the company, valued at approximately $6,958,943.60. The trade was a 1.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 17,824 shares of company stock worth $599,581. 1.90% of the stock is owned by insiders.

Institutional Trading of Immunovant

Several hedge funds have recently modified their holdings of the stock. Sterling Capital Management LLC boosted its position in shares of Immunovant by 856.0% during the 3rd quarter. Sterling Capital Management LLC now owns 2,868 shares of the company’s stock worth $97,000 after purchasing an additional 2,568 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of Immunovant in the 3rd quarter valued at about $413,000. GAMMA Investing LLC raised its stake in Immunovant by 63.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock worth $41,000 after buying an additional 476 shares during the period. Two Seas Capital LP raised its stake in Immunovant by 46.5% during the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after buying an additional 1,464,187 shares during the period. Finally, Engineers Gate Manager LP boosted its holdings in Immunovant by 179.7% in the second quarter. Engineers Gate Manager LP now owns 24,220 shares of the company’s stock worth $933,000 after acquiring an additional 15,560 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Price Performance

Immunovant stock opened at $28.41 on Friday. The stock’s 50 day moving average is $35.98 and its 200 day moving average is $34.70. Immunovant has a one year low of $18.74 and a one year high of $45.42. The firm has a market cap of $5.87 billion, a P/E ratio of -10.07 and a beta of 0.84.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period in the previous year, the company earned ($0.71) earnings per share. Equities analysts anticipate that Immunovant will post -2.96 earnings per share for the current fiscal year.

About Immunovant

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.