Immunovant (NASDAQ:IMVT) Price Target Lowered to $30.00 at Bank of America

Immunovant (NASDAQ:IMVT) had its price objective decreased by Bank of America from $33.00 to $30.00 in a research note issued to investors on Tuesday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other analysts have also recently weighed in on IMVT. Citigroup reaffirmed a “buy” rating on shares of Immunovant in a research note on Monday. The Goldman Sachs Group upgraded Immunovant to a “hold” rating and set a $18.00 price target on the stock in a research report on Thursday, July 10th. Finally, UBS Group raised their price target on Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a report on Monday, July 28th. Three research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Immunovant has an average rating of “Moderate Buy” and an average price target of $35.20.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $15.20 on Tuesday. The business’s fifty day moving average price is $16.53 and its two-hundred day moving average price is $16.98. Immunovant has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The stock has a market capitalization of $2.65 billion, a price-to-earnings ratio of -5.33 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter last year, the company posted ($0.60) earnings per share. Research analysts expect that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the business’s stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Michael Geffner sold 2,385 shares of the company’s stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider directly owned 221,825 shares in the company, valued at $4,026,123.75. This trade represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,869 shares of company stock valued at $140,384 in the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Immunovant by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company’s stock valued at $118,551,000 after purchasing an additional 257,445 shares during the last quarter. Deep Track Capital LP lifted its holdings in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after buying an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. boosted its stake in Immunovant by 15.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company’s stock valued at $100,743,000 after acquiring an additional 777,590 shares during the last quarter. Baker BROS. Advisors LP boosted its stake in Immunovant by 219.6% in the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company’s stock valued at $93,275,000 after acquiring an additional 3,750,000 shares during the last quarter. Finally, Alpine Global Management LLC grew its holdings in Immunovant by 21.7% during the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company’s stock worth $44,890,000 after acquiring an additional 467,788 shares during the period. 47.08% of the stock is owned by 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.