Immunovant (NASDAQ:IMVT) Price Target Raised to $28.00 at The Goldman Sachs Group

Immunovant (NASDAQ:IMVT) had its target price increased by stock analysts at The Goldman Sachs Group from $18.00 to $28.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a “neutral” rating on the stock. The Goldman Sachs Group’s price objective would suggest a potential upside of 8.72% from the stock’s previous close.

Several other brokerages also recently commented on IMVT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Tuesday, October 14th. JPMorgan Chase & Co. lowered their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a report on Tuesday, September 30th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a report on Thursday, September 4th. Finally, Truist Financial started coverage on Immunovant in a research report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $29.89.

Immunovant Stock Down 2.5%

Shares of NASDAQ IMVT traded down $0.67 during midday trading on Monday, hitting $25.76. The stock had a trading volume of 1,965,178 shares, compared to its average volume of 1,561,453. The business’s 50 day moving average is $21.70 and its 200-day moving average is $18.07. The company has a market cap of $4.51 billion, a P/E ratio of -9.07 and a beta of 0.56. Immunovant has a 52 week low of $12.72 and a 52 week high of $28.08.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter in the previous year, the firm posted ($0.74) EPS. As a group, analysts expect that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of the business’s stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total transaction of $49,382.85. Following the completion of the sale, the insider owned 217,958 shares of the company’s stock, valued at $4,147,740.74. The trade was a 1.18% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Melanie Gloria sold 12,626 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total value of $298,226.12. Following the completion of the sale, the chief operating officer owned 173,511 shares of the company’s stock, valued at $4,098,329.82. This trade represents a 6.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 57,847 shares of company stock worth $1,308,023. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IMVT. Strs Ohio purchased a new position in Immunovant in the 1st quarter worth approximately $27,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Immunovant during the third quarter valued at approximately $33,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Immunovant in the first quarter worth $37,000. Farther Finance Advisors LLC boosted its position in shares of Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock worth $46,000 after acquiring an additional 2,855 shares during the last quarter. Finally, PNC Financial Services Group Inc. grew its stake in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.