Immunovant (NASDAQ:IMVT) Given Buy Rating at HC Wainwright

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating restated by research analysts at HC Wainwright in a research note issued to investors on Tuesday,Benzinga reports. They currently have a $35.00 price objective on the stock. HC Wainwright’s price objective indicates a potential upside of 27.32% from the stock’s current price.

Several other equities research analysts have also commented on IMVT. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target for the company in a research report on Tuesday, January 6th. Guggenheim upped their target price on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday. Truist Financial lifted their price target on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.11.

Immunovant Stock Up 1.6%

IMVT stock opened at $27.49 on Tuesday. The business has a 50 day moving average of $25.71 and a 200 day moving average of $20.85. The firm has a market cap of $4.82 billion, a PE ratio of -10.22 and a beta of 0.54. Immunovant has a twelve month low of $12.72 and a twelve month high of $27.92.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the prior year, the company earned ($0.76) EPS. On average, research analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, COO Melanie Gloria sold 12,626 shares of the stock in a transaction that occurred on Thursday, November 20th. The shares were sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the sale, the chief operating officer directly owned 173,511 shares of the company’s stock, valued at $4,098,329.82. This trade represents a 6.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tuyl Christopher Van sold 10,813 shares of the business’s stock in a transaction on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the transaction, the insider directly owned 149,930 shares in the company, valued at $4,034,616.30. This trade represents a 6.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 63,868 shares of company stock valued at $1,538,470. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Deep Track Capital LP grew its position in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after acquiring an additional 228,845 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after purchasing an additional 952,504 shares during the last quarter. Armistice Capital LLC raised its holdings in Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after buying an additional 636,000 shares during the period. Two Seas Capital LP lifted its position in Immunovant by 22.6% in the third quarter. Two Seas Capital LP now owns 2,762,040 shares of the company’s stock worth $44,524,000 after buying an additional 509,268 shares during the last quarter. Finally, Alpine Global Management LLC boosted its stake in Immunovant by 4.9% during the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after buying an additional 128,039 shares during the period. 47.08% of the stock is owned by hedge funds and other 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.