Immunovant (NASDAQ:IMVT) Given Buy Rating at HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note published on Friday morning,Benzinga reports. HC Wainwright currently has a $51.00 price objective on the stock.

Several other brokerages also recently issued reports on IMVT. Raymond James reissued an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Oppenheimer increased their price target on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. UBS Group lowered their price objective on Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, JPMorgan Chase & Co. lowered their price target on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $48.10.

Immunovant Stock Performance

Immunovant stock opened at $31.14 on Friday. Immunovant has a fifty-two week low of $24.67 and a fifty-two week high of $45.58. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of -14.03 and a beta of 0.66. The stock has a fifty day moving average of $29.76 and a two-hundred day moving average of $28.97.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the previous year, the business earned ($0.45) EPS. On average, analysts forecast that Immunovant will post -2.42 EPS for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, insider Mark S. Levine sold 4,361 shares of the firm’s stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total value of $128,780.33. Following the transaction, the insider now directly owns 322,878 shares of the company’s stock, valued at $9,534,587.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Peter Salzmann sold 9,095 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $261,845.05. Following the completion of the sale, the chief executive officer now directly owns 994,789 shares of the company’s stock, valued at approximately $28,639,975.31. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark S. Levine sold 4,361 shares of the business’s stock in a transaction on Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $128,780.33. Following the completion of the transaction, the insider now owns 322,878 shares in the company, valued at $9,534,587.34. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,277 shares of company stock worth $941,919. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Several large investors have recently modified their holdings of IMVT. Mirae Asset Global Investments Co. Ltd. grew its stake in Immunovant by 98.3% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock valued at $2,319,000 after purchasing an additional 35,589 shares in the last quarter. Sei Investments Co. grew its position in shares of Immunovant by 11.2% during the first quarter. Sei Investments Co. now owns 20,690 shares of the company’s stock worth $668,000 after buying an additional 2,085 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Immunovant by 9.4% in the first quarter. ProShare Advisors LLC now owns 19,877 shares of the company’s stock worth $642,000 after buying an additional 1,703 shares during the last quarter. Vanguard Group Inc. raised its holdings in Immunovant by 11.2% in the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after acquiring an additional 650,506 shares in the last quarter. Finally, Hillsdale Investment Management Inc. boosted its stake in Immunovant by 8.9% during the 1st quarter. Hillsdale Investment Management Inc. now owns 100,200 shares of the company’s stock valued at $3,237,000 after acquiring an additional 8,200 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.