Guggenheim Reiterates Buy Rating for Immunovant (NASDAQ:IMVT)

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating restated by research analysts at Guggenheim in a research note issued to investors on Monday,Benzinga reports.

Several other equities research analysts have also issued reports on the stock. Wells Fargo & Company reduced their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Friday, February 7th. Finally, Jefferies Financial Group began coverage on Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 target price for the company. One research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $43.55.

Immunovant Stock Up 1.2 %

Shares of IMVT traded up $0.24 during midday trading on Monday, reaching $20.26. 249,371 shares of the stock were exchanged, compared to its average volume of 1,219,986. The company has a market cap of $3.44 billion, a price-to-earnings ratio of -7.74 and a beta of 0.68. The firm has a 50 day simple moving average of $21.85 and a 200-day simple moving average of $26.48. Immunovant has a 12-month low of $17.65 and a 12-month high of $35.97.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Research analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In related news, CFO Eva Renee Barnett sold 4,105 shares of the firm’s stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $98,930.50. Following the completion of the transaction, the chief financial officer now directly owns 327,064 shares of the company’s stock, valued at $7,882,242.40. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Salzmann sold 5,105 shares of the business’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the sale, the chief executive officer now directly owns 972,992 shares in the company, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,510 shares of company stock worth $656,886 over the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC raised its stake in Immunovant by 4.5% during the fourth quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after acquiring an additional 560,344 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock worth $165,449,000 after purchasing an additional 20,614 shares during the last quarter. Deep Track Capital LP increased its position in shares of Immunovant by 38.0% during the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after purchasing an additional 1,652,536 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in Immunovant by 53.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock valued at $126,754,000 after purchasing an additional 1,786,217 shares during the last quarter. Finally, State Street Corp boosted its position in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares in the last quarter. 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.