Immunovant, Inc. (NASDAQ:IMVT) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned a consensus rating of “Moderate Buy” from the eleven brokerages that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $44.00.

Several research firms recently commented on IMVT. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research note on Tuesday, August 25th. HC Wainwright lifted their price objective on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Truist Financial upped their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th.

Insider Buying and Selling

In related news, Director Atul Pande sold 1,500 shares of the stock in a transaction on Friday, August 28th. The stock was sold at an average price of $43.27, for a total value of $64,905.00. Following the transaction, the director owned 116,731 shares of the company’s stock, valued at $5,050,950.37. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Eric Venker sold 3,092 shares of the firm’s stock in a transaction on Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total value of $118,980.16. Following the completion of the sale, the chief executive officer owned 254,280 shares in the company, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 98,359 shares of company stock worth $3,785,493. Corporate insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IMVT. Engineers Gate Manager LP lifted its stake in Immunovant by 179.7% during the second quarter. Engineers Gate Manager LP now owns 24,220 shares of the company’s stock worth $933,000 after purchasing an additional 15,560 shares during the last quarter. Squarepoint Ops LLC purchased a new position in Immunovant in the second quarter valued at approximately $2,996,000. Nykredit A S purchased a new position in Immunovant in the second quarter valued at approximately $174,000. Corient Private Wealth LP raised its holdings in Immunovant by 1.8% during the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock worth $945,000 after purchasing an additional 442 shares in the last quarter. Finally, Amundi lifted its position in shares of Immunovant by 6.1% during the 2nd quarter. Amundi now owns 70,948 shares of the company’s stock worth $2,734,000 after buying an additional 4,100 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Stock Down 1.9%

Shares of IMVT opened at $37.36 on Friday. The company has a market cap of $7.72 billion, a P/E ratio of -13.25 and a beta of 0.81. Immunovant has a fifty-two week low of $14.58 and a fifty-two week high of $45.42. The firm’s 50 day moving average price is $40.45 and its 200 day moving average price is $33.26.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same period in the previous year, the company earned ($0.71) earnings per share. Research analysts forecast that Immunovant will post -2.96 earnings per share for the current year.

Immunovant Company Profile

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing therapies for patients with immune-mediated diseases. The company focuses on conditions in which disease-causing antibodies, or immunoglobulin G (IgG), play a central role, including autoimmune and inflammatory disorders.

Immunovant’s lead product candidate is batoclimab, an investigational fully human monoclonal antibody designed to block the neonatal Fc receptor (FcRn). By inhibiting FcRn, batoclimab is intended to reduce circulating IgG antibodies that can contribute to autoimmune disease.