Analysts Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $37.33

Immunovant, Inc. (NASDAQ:IMVT) has been assigned an average recommendation of “Hold” from the eleven brokerages that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and six have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued a report on the stock in the last year is $37.3333.

A number of equities research analysts have commented on IMVT shares. Guggenheim lifted their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Citigroup reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. HC Wainwright lifted their target price on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Finally, Sanford C. Bernstein started coverage on shares of Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price for the company.

Immunovant Stock Performance

NASDAQ:IMVT opened at $38.85 on Monday. Immunovant has a 12 month low of $14.32 and a 12 month high of $39.28. The company has a market cap of $7.98 billion, a PE ratio of -13.97 and a beta of 0.76. The company has a 50 day simple moving average of $31.47 and a two-hundred day simple moving average of $27.80.

Immunovant (NASDAQ:IMVT) last posted 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 last year, the company earned ($0.64) EPS. Research analysts forecast that Immunovant will post -2.65 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other news, CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20. Following the transaction, the chief financial officer owned 247,596 shares in the company, valued at $7,333,793.52. This trade represents a 9.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 17,824 shares of Immunovant stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $682,837.44. Following the transaction, the insider owned 180,597 shares in the company, valued at $6,918,671.07. This represents a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 384,253 shares of company stock worth $12,816,928. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of IMVT. Geneos Wealth Management Inc. purchased a new position in shares of Immunovant during the 4th quarter worth $25,000. Strs Ohio purchased a new position in shares of Immunovant during the 1st quarter worth $27,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Immunovant during the 3rd quarter worth $33,000. PNC Financial Services Group Inc. boosted its stake in shares of Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after acquiring an additional 1,646 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.