Immunovant (NASDAQ:IMVT) Given “Overweight” Rating at Cantor Fitzgerald

Immunovant (NASDAQ:IMVT)‘s stock had its “overweight” rating restated by Cantor Fitzgerald in a report issued on Tuesday, Benzinga reports.

IMVT has been the subject of several other reports. Oppenheimer lowered their price objective on Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Thursday, May 30th. JPMorgan Chase & Co. started coverage on Immunovant in a report on Tuesday, February 20th. They issued an “overweight” rating and a $51.00 price objective for the company. The Goldman Sachs Group started coverage on Immunovant in a report on Wednesday, March 13th. They set a “buy” rating and a $50.00 target price for the company. Finally, Truist Financial reaffirmed a “buy” rating and set a $48.00 target price on shares of Immunovant in a report on Monday, March 25th. Seventeen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $48.75.

Immunovant Stock Performance

Shares of NASDAQ:IMVT traded down $0.49 during trading on Tuesday, hitting $26.31. The company’s stock had a trading volume of 82,571 shares, compared to its average volume of 1,195,109. Immunovant has a fifty-two week low of $18.16 and a fifty-two week high of $45.58. The stock’s 50-day moving average price is $28.41 and its two-hundred day moving average price is $34.17. The company has a market capitalization of $3.84 billion, a PE ratio of -13.86 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same period last year, the business posted ($0.46) earnings per share. On average, equities analysts predict that Immunovant will post -2.1 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, insider Julia G. Butchko sold 1,053 shares of the stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $32,832.54. Following the transaction, the insider now directly owns 461,742 shares of the company’s stock, valued at $14,397,115.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Immunovant news, insider Michael Geffner sold 3,261 shares of the company’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total transaction of $94,242.90. Following the completion of the sale, the insider now directly owns 141,616 shares in the company, valued at $4,092,702.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Julia G. Butchko sold 1,053 shares of the company’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $32,832.54. Following the sale, the insider now owns 461,742 shares of the company’s stock, valued at $14,397,115.56. The disclosure for this sale can be found here. Insiders have sold 99,948 shares of company stock valued at $2,936,889 over the last three months. 4.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently made changes to their positions in the stock. Castleark Management LLC bought a new stake in shares of Immunovant in the first quarter valued at about $2,599,000. Bamco Inc. NY lifted its stake in shares of Immunovant by 1.7% in the first quarter. Bamco Inc. NY now owns 60,000 shares of the company’s stock valued at $1,939,000 after buying an additional 1,000 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Immunovant by 16.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock valued at $60,163,000 after buying an additional 259,481 shares during the period. Tyro Capital Management LLC lifted its stake in shares of Immunovant by 117.0% in the first quarter. Tyro Capital Management LLC now owns 97,667 shares of the company’s stock valued at $3,156,000 after buying an additional 52,667 shares during the period. Finally, Alpine Global Management LLC lifted its stake in shares of Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after buying an additional 484,332 shares during the period. 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.