Immunovant, Inc. (NASDAQ:IMVT) Given Average Rating of “Hold” by Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given a consensus recommendation of “Hold” by the eleven ratings firms that are presently covering the firm, Marketbeat reports. One analyst has rated the stock with a sell recommendation, four have given a hold recommendation and six have issued a buy recommendation on the company. The average 1 year target price among brokers that have updated their coverage on the stock in the last year is $37.3333.

A number of brokerages recently commented on IMVT. Citigroup reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. Truist Financial raised their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. The Goldman Sachs Group raised their target price on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price on the stock. Finally, Guggenheim raised their target price on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday.

Immunovant Stock Performance

Shares of Immunovant stock opened at $33.41 on Thursday. Immunovant has a one year low of $13.79 and a one year high of $36.28. The stock’s fifty day moving average is $27.36 and its 200 day moving average is $26.13. The stock has a market cap of $6.86 billion, a P/E ratio of -12.02 and a beta of 0.70.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the prior year, the company earned ($0.64) earnings per share. Analysts predict that Immunovant will post -2.62 EPS for the current year.

Insider Buying and Selling

In other Immunovant news, CFO Tiago Girao sold 25,760 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total transaction of $763,011.20. Following the sale, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at $7,333,793.52. This trade represents a 9.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 8,722 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $216,567.26. Following the sale, the chief operating officer directly owned 245,222 shares in the company, valued at approximately $6,088,862.26. This represents a 3.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 78,141 shares of company stock worth $2,115,713 in the last quarter. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the business. Granahan Investment Management LLC raised its holdings in Immunovant by 24.9% during the third quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after acquiring an additional 53,133 shares during the period. Aberdeen Group plc grew its position in shares of Immunovant by 16.2% during the third quarter. Aberdeen Group plc now owns 981,804 shares of the company’s stock valued at $15,827,000 after purchasing an additional 137,099 shares in the last quarter. Alpine Global Management LLC grew its position in shares of Immunovant by 4.9% during the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after purchasing an additional 128,039 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Immunovant during the fourth quarter valued at about $1,823,000. Finally, HighVista Strategies LLC grew its position in shares of Immunovant by 38.5% during the third quarter. HighVista Strategies LLC now owns 253,127 shares of the company’s stock valued at $4,080,000 after purchasing an additional 70,319 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.