Immunovant (NASDAQ:IMVT) Upgraded to Hold at Wall Street Zen

Wall Street Zen upgraded shares of Immunovant (NASDAQ:IMVT) from a sell rating to a hold rating in a research note published on Saturday morning,Wall Street Zen reports.

A number of other research firms also recently issued reports on IMVT. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. Wells Fargo & Company boosted their price target on shares of Immunovant from $45.00 to $47.00 and gave the stock an “overweight” rating in a report on Tuesday, November 10th. Citigroup reissued a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. JPMorgan Chase & Co. raised their price target on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Finally, HC Wainwright reissued a “buy” rating on shares of Immunovant in a research note on Thursday, September 24th. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.60.

Immunovant Stock Down 2.5%

Shares of IMVT traded down $0.87 during trading hours on Friday, reaching $34.18. 864,711 shares of the company traded hands, compared to its average volume of 1,477,899. The stock has a market capitalization of $7.07 billion, a P/E ratio of -13.35 and a beta of 0.95. Immunovant has a 12-month low of $21.86 and a 12-month high of $45.42. The business has a fifty day moving average price of $32.64 and a 200-day moving average price of $32.33.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, November 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.74) by $0.27. During the same period last year, the company earned ($0.73) earnings per share. As a group, research analysts predict that Immunovant will post -2.78 EPS for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, COO Melanie Gloria sold 2,241 shares of the firm’s stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total value of $71,846.46. Following the completion of the transaction, the chief operating officer owned 217,060 shares of the company’s stock, valued at $6,958,943.60. This trade represents a 1.02% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 3,000 shares of Immunovant stock in a transaction on Wednesday, November 11th. The shares were sold at an average price of $36.00, for a total value of $108,000.00. Following the completion of the transaction, the director owned 116,731 shares of the company’s stock, valued at approximately $4,202,316. This trade represents a 2.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 27,430 shares of company stock worth $895,852 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. Entropy Technologies LP acquired a new position in Immunovant in the third quarter valued at approximately $989,000. Jump Financial LLC grew its stake in shares of Immunovant by 195.1% in the 3rd quarter. Jump Financial LLC now owns 368,845 shares of the company’s stock valued at $12,460,000 after purchasing an additional 243,858 shares during the last quarter. Marshall Wace LLP increased its stake in Immunovant by 141.0% in the 3rd quarter. Marshall Wace LLP now owns 343,341 shares of the company’s stock valued at $11,598,000 after buying an additional 200,853 shares during the period. Gabelli Funds LLC acquired a new position in shares of Immunovant during the third quarter worth about $338,000. Finally, First Trust Advisors LP increased its position in Immunovant by 22.6% during the 3rd quarter. First Trust Advisors LP now owns 6,625 shares of the company’s stock worth $224,000 after purchasing an additional 1,220 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Company Profile

Immunovant, Inc. is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies. The company’s investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves’ disease and other autoimmune disorders.