Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Price Target at $27.63

by · The Markets Daily

Shares of Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) have received a consensus rating of “Moderate Buy” from the eleven brokerages that are currently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, four have issued a hold recommendation, five have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $27.6250.

A number of equities research analysts have recently commented on the company. The Goldman Sachs Group increased their price objective on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of Immunovant in a research report on Thursday, September 4th. Truist Financial started coverage on Immunovant in a report on Tuesday, October 14th. They set a “hold” rating and a $16.00 target price for the company. JPMorgan Chase & Co. decreased their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Tuesday, October 14th.

Read Our Latest Stock Analysis on Immunovant

Immunovant Price Performance

Shares of IMVT opened at $25.42 on Monday. The firm’s 50 day moving average is $23.99 and its 200-day moving average is $19.02. The stock has a market capitalization of $4.46 billion, a P/E ratio of -8.95 and a beta of 0.56. Immunovant has a 12-month low of $12.72 and a 12-month high of $27.69.

Immunovant (NASDAQ:IMVT – Get Free Report) last released its earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter last year, the business earned ($0.74) EPS. As a group, equities research analysts forecast that Immunovant will post -2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Melanie Gloria sold 12,626 shares of the business’s stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $23.62, for a total transaction of $298,226.12. Following the sale, the chief operating officer owned 173,511 shares in the company, valued at $4,098,329.82. The trade was a 6.78% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tuyl Christopher Van sold 10,813 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The shares were sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the sale, the insider owned 149,930 shares of the company’s stock, valued at approximately $4,034,616.30. This trade represents a 6.73% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 68,660 shares of company stock valued at $1,599,001 over the last 90 days. 1.80% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

Several hedge funds and other institutional investors have recently modified their holdings of the business. Strs Ohio purchased a new position in shares of Immunovant during the first quarter valued at $27,000. Aster Capital Management DIFC Ltd acquired a new stake in Immunovant during the 3rd quarter worth about $33,000. PNC Financial Services Group Inc. grew its stake in Immunovant by 138.9% during the 3rd 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. Farther Finance Advisors LLC grew its stake in Immunovant by 142,750.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after acquiring an additional 2,855 shares in the last quarter. Finally, AlphaQuest LLC increased its holdings in shares of Immunovant by 1,510.2% in the 1st quarter. AlphaQuest LLC now owns 5,700 shares of the company’s stock valued at $97,000 after purchasing an additional 5,346 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

(Get Free Report)

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

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