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

Shares of Immunovant, Inc. (NASDAQ:IMVT) have been given a consensus rating of “Moderate Buy” by the ten research firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokers that have covered the stock in the last year is $27.6250.

Several analysts recently issued reports on the company. The Goldman Sachs Group raised their target price on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research note on Monday, December 15th. JPMorgan Chase & Co. cut their price objective on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 30th. Truist Financial assumed coverage on Immunovant in a research note on Tuesday, October 14th. They set a “hold” rating and a $16.00 target price on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Tuesday, October 14th. Finally, Guggenheim reiterated a “buy” rating and issued a $41.00 price target on shares of Immunovant in a report on Thursday, December 18th.

Immunovant Stock Up 1.9%

Shares of NASDAQ IMVT opened at $25.91 on Monday. The firm’s fifty day moving average is $24.27 and its 200 day moving average is $19.13. Immunovant has a 52 week low of $12.72 and a 52 week high of $27.69. The company has a market cap of $4.54 billion, a price-to-earnings ratio of -9.12 and a beta of 0.57.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter last year, the firm earned ($0.74) EPS. Equities research analysts anticipate that Immunovant will post -2.69 earnings per share for the current year.

Insider Transactions at Immunovant

In other Immunovant news, COO Melanie Gloria sold 12,626 shares of Immunovant stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total transaction of $298,226.12. Following the sale, the chief operating officer directly owned 173,511 shares of the company’s stock, valued at approximately $4,098,329.82. The trade was a 6.78% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Andrew J. Fromkin sold 22,249 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.25, for a total value of $517,289.25. Following the transaction, the director owned 85,852 shares in the company, valued at $1,996,059. This trade represents a 20.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 68,660 shares of company stock worth $1,599,001. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently made changes to their positions in the company. Alpine Global Management LLC grew its stake in Immunovant by 4.9% in the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after purchasing an additional 128,039 shares during the period. Armistice Capital LLC grew its position in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after buying an additional 636,000 shares during the period. Two Seas Capital LP grew its position in shares of Immunovant by 22.6% in the 3rd 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 period. Voleon Capital Management LP bought a new position in shares of Immunovant in the 3rd quarter worth about $629,000. Finally, Verition Fund Management LLC lifted its position in Immunovant by 795.3% during the 3rd quarter. Verition Fund Management LLC now owns 189,397 shares of the company’s stock valued at $3,053,000 after acquiring an additional 168,243 shares during the period. 47.08% of the stock is currently owned by 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.