Immunovant (NASDAQ:IMVT) Receives Buy Rating from HC Wainwright

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by equities researchers at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They currently have a $51.00 target price on the stock. HC Wainwright’s price target indicates a potential upside of 79.26% from the company’s current price.

A number of other research firms have also recently commented on IMVT. JPMorgan Chase & Co. dropped their target price on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. UBS Group dropped their price objective on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Oppenheimer decreased their target price on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, June 3rd. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $49.09.

Immunovant Trading Down 0.2 %

NASDAQ IMVT opened at $28.45 on Monday. Immunovant has a 1 year low of $24.67 and a 1 year high of $45.58. The firm has a market capitalization of $4.16 billion, a price-to-earnings ratio of -14.97 and a beta of 0.67. The firm’s 50 day simple moving average is $29.75 and its 200 day simple moving average is $29.14.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same quarter in the prior year, the company posted ($0.57) earnings per share. On average, equities research analysts forecast that Immunovant will post -2.43 earnings per share for the current year.

Insider Activity

In other news, CFO Eva Renee Barnett sold 4,747 shares of the stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total transaction of $133,200.82. Following the completion of the sale, the chief financial officer now directly owns 350,667 shares in the company, valued at $9,839,716.02. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Immunovant news, CFO Eva Renee Barnett sold 4,747 shares of Immunovant stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $133,200.82. Following the completion of the sale, the chief financial officer now directly owns 350,667 shares in the company, valued at $9,839,716.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Julia G. Butchko sold 1,527 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $42,847.62. Following the transaction, the insider now owns 446,853 shares in the company, valued at $12,538,695.18. The disclosure for this sale can be found here. Over the last quarter, insiders sold 31,475 shares of company stock valued at $904,638. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Boxer Capital LLC grew its stake in shares of Immunovant by 33.3% in the 4th quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock valued at $42,130,000 after buying an additional 250,000 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Immunovant by 198.0% during the second quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock valued at $8,224,000 after acquiring an additional 207,003 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in shares of Immunovant during the fourth quarter worth approximately $5,651,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Immunovant by 98.3% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock worth $2,319,000 after purchasing an additional 35,589 shares in the last quarter. Finally, Armistice Capital LLC grew its position in Immunovant by 38.6% in the 4th quarter. Armistice Capital LLC now owns 1,436,000 shares of the company’s stock valued at $60,499,000 after purchasing an additional 400,123 shares during the period. 47.08% of the stock is owned by institutional investors.

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.