Immunovant (NASDAQ:IMVT) Stock Rating Upgraded by Cantor Fitzgerald

Immunovant (NASDAQ:IMVT) was upgraded by stock analysts at Cantor Fitzgerald to a “strong-buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities analysts have also issued research reports about the stock. Bank of America dropped their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Friday, November 8th. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $47.00.

Immunovant Stock Performance

IMVT stock opened at $21.74 on Thursday. The company has a 50 day moving average price of $25.45 and a two-hundred day moving average price of $28.07. The stock has a market capitalization of $3.69 billion, a P/E ratio of -9.79 and a beta of 0.66. Immunovant has a one year low of $21.48 and a one year high of $39.55.

Immunovant (NASDAQ:IMVT) last released 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 period in the previous year, the firm posted ($0.45) earnings per share. Research analysts forecast that Immunovant will post -2.84 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, CFO Eva Renee Barnett sold 4,174 shares of the company’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $106,228.30. Following the sale, the chief financial officer now owns 331,169 shares in the company, valued at $8,428,251.05. This represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Peter Salzmann sold 16,692 shares of Immunovant stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the transaction, the chief executive officer now owns 978,097 shares of the company’s stock, valued at approximately $24,892,568.65. The trade was a 1.68 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,892 shares of company stock worth $1,811,857 in the last quarter. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in IMVT. FMR LLC boosted its holdings in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after buying an additional 2,053,688 shares during the period. State Street Corp lifted its holdings in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares during the last quarter. Geode Capital Management LLC boosted its stake in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after acquiring an additional 96,924 shares during the period. Baker BROS. Advisors LP grew its holdings in shares of Immunovant by 163.7% during the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after purchasing an additional 760,692 shares during the last quarter. Finally, Principal Financial Group Inc. raised its position in shares of Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the period. Institutional investors and hedge funds 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.