Immunovant, Inc. (NASDAQ:IMVT) Stock Has Average Price Target of $44.00 According to Analysts

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been assigned an average rating of “Moderate Buy” from the twelve research firms that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $44.00.

Several analysts recently weighed in on IMVT shares. JPMorgan Chase & Co. lifted their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. HC Wainwright restated a “buy” rating on shares of Immunovant in a report on Thursday, September 24th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. UBS Group reaffirmed a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. Finally, Citigroup reiterated a “positive” rating on shares of Immunovant in a research report on Thursday, September 24th.

Immunovant Stock Performance

NASDAQ IMVT opened at $33.62 on Wednesday. Immunovant has a fifty-two week low of $15.95 and a fifty-two week high of $45.42. The stock has a 50 day simple moving average of $39.16 and a two-hundred day simple moving average of $34.17. The stock has a market cap of $6.94 billion, a P/E ratio of -11.92 and a beta of 0.84.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same quarter in the prior year, the company posted ($0.71) EPS. Sell-side analysts predict that Immunovant will post -2.96 earnings per share for the current year.

Insider Transactions at Immunovant

In other Immunovant news, CTO Jay Stout sold 3,487 shares of Immunovant stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $137,910.85. Following the sale, the chief technology officer directly owned 208,198 shares of the company’s stock, valued at approximately $8,234,230.90. The trade was a 1.65% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of the company’s stock in a transaction that occurred 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 in the company, valued at $5,050,950.37. This trade represents a 1.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 11,075 shares of company stock valued at $434,518. Insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP grew its position in shares of Immunovant by 179.7% in the 2nd quarter. Engineers Gate Manager LP now owns 24,220 shares of the company’s stock worth $933,000 after buying an additional 15,560 shares during the period. Squarepoint Ops LLC purchased a new position in Immunovant during the 2nd quarter valued at about $2,996,000. Nykredit A S purchased a new position in Immunovant during the 2nd quarter valued at about $174,000. Corient Private Wealth LP boosted its stake 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 acquiring an additional 442 shares in the last quarter. Finally, Amundi boosted its stake in Immunovant by 6.1% during the second quarter. Amundi now owns 70,948 shares of the company’s stock worth $2,734,000 after acquiring an additional 4,100 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.