Immunovant (NASDAQ:IMVT) Earns Market Perform Rating from Analysts at Sanford C. Bernstein

Investment analysts at Sanford C. Bernstein began coverage on shares of Immunovant (NASDAQ:IMVT) in a report issued on Friday. The firm set a “market perform” rating and a $28.00 price target on the stock. Sanford C. Bernstein’s price objective indicates a potential upside of 18.39% from the company’s current price.

Several other equities research analysts have also recently weighed in on IMVT. Guggenheim increased their price objective on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, January 6th. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Truist Financial boosted their price target on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 8th. Finally, The Goldman Sachs Group raised their price objective on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $32.00.

Immunovant Stock Up 0.2%

Shares of NASDAQ IMVT opened at $23.65 on Friday. The company has a market cap of $4.81 billion, a price-to-earnings ratio of -8.79 and a beta of 0.62. Immunovant has a 52 week low of $12.72 and a 52 week high of $29.25. The firm’s fifty day moving average is $26.16 and its 200 day moving average is $22.84.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data 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 quarter in the previous year, the firm posted ($0.76) earnings per share. Equities research analysts anticipate that Immunovant will post -2.69 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In related news, CTO Jay S. Stout sold 1,977 shares of the stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the transaction, the chief technology officer directly owned 197,634 shares in the company, valued at $5,144,413.02. This trade represents a 0.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in IMVT. Invesco Ltd. boosted its position in shares of Immunovant by 16.0% in the 4th quarter. Invesco Ltd. now owns 88,857 shares of the company’s stock worth $2,259,000 after purchasing an additional 12,255 shares in the last quarter. Empowered Funds LLC raised its stake in Immunovant by 4.5% during the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock valued at $360,000 after buying an additional 610 shares during the last quarter. XTX Topco Ltd grew its stake in shares of Immunovant by 91.2% in the fourth quarter. XTX Topco Ltd now owns 33,122 shares of the company’s stock worth $842,000 after acquiring an additional 15,795 shares during the last quarter. VARCOV Co. purchased a new stake in shares of Immunovant in the fourth quarter worth $404,000. Finally, Virtus Investment Advisers LLC increased its holdings in shares of Immunovant by 41.1% during the fourth quarter. Virtus Investment Advisers LLC now owns 10,069 shares of the company’s stock valued at $256,000 after acquiring an additional 2,931 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.