Oppenheimer Trims Immunovant (NASDAQ:IMVT) Target Price to $46.00

Immunovant (NASDAQ:IMVT) had its price target decreased by Oppenheimer from $50.00 to $46.00 in a research note issued to investors on Monday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

A number of other research firms have also commented on IMVT. HC Wainwright reaffirmed a buy rating and set a $51.00 price target on shares of Immunovant in a research report on Thursday, May 30th. The Goldman Sachs Group initiated coverage on shares of Immunovant in a research report on Wednesday, March 13th. They set a buy rating and a $50.00 price target on the stock. Truist Financial reaffirmed a buy rating and set a $48.00 price target on shares of Immunovant in a research report on Monday, March 25th. Wolfe Research began coverage on shares of Immunovant in a research report on Thursday, February 15th. They set an outperform rating and a $55.00 price target on the stock. Finally, JPMorgan Chase & Co. began coverage on shares of Immunovant in a report on Tuesday, February 20th. They issued an overweight rating and a $51.00 target price on the stock. Seventeen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of Buy and a consensus price target of $48.75.

Immunovant Stock Performance

NASDAQ IMVT opened at $25.60 on Monday. The firm has a 50-day moving average of $29.31 and a 200-day moving average of $34.67. The stock has a market cap of $3.74 billion, a PE ratio of -13.47 and a beta of 0.67. Immunovant has a 52-week low of $18.16 and a 52-week high of $45.58.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same period in the prior year, the business posted ($0.46) EPS. As a group, analysts predict that Immunovant will post -2.02 EPS for the current fiscal year.

Insider Activity at Immunovant

In related news, CFO Eva Renee Barnett sold 3,689 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $115,023.02. Following the sale, the chief financial officer now directly owns 371,709 shares of the company’s stock, valued at approximately $11,589,886.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Eva Renee Barnett sold 3,689 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $115,023.02. Following the sale, the chief financial officer now directly owns 371,709 shares in the company, valued at approximately $11,589,886.62. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CTO Jay S. Stout sold 7,239 shares of Immunovant stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total transaction of $209,207.10. Following the sale, the chief technology officer now owns 147,739 shares in the company, valued at $4,269,657.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 99,948 shares of company stock valued at $2,936,889. 4.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently added to or reduced their stakes in IMVT. Point72 Asset Management L.P. acquired a new stake in Immunovant during the 4th quarter worth approximately $112,356,000. FMR LLC lifted its position in shares of Immunovant by 47.5% in the 3rd quarter. FMR LLC now owns 7,748,546 shares of the company’s stock worth $297,467,000 after purchasing an additional 2,494,678 shares during the period. Octagon Capital Advisors LP lifted its position in shares of Immunovant by 127.3% in the 4th quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after purchasing an additional 1,273,289 shares during the period. Fred Alger Management LLC lifted its position in shares of Immunovant by 6,108.9% in the 3rd quarter. Fred Alger Management LLC now owns 1,186,031 shares of the company’s stock worth $45,532,000 after purchasing an additional 1,166,929 shares during the period. Finally, Armistice Capital LLC acquired a new position in shares of Immunovant in the 3rd quarter worth approximately $39,767,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.