Immunovant (NASDAQ:IMVT) Given Overweight Rating at Cantor Fitzgerald

Cantor Fitzgerald reaffirmed their overweight rating on shares of Immunovant (NASDAQ:IMVT) in a research note released on Tuesday, Benzinga reports.

IMVT has been the subject of a number of other reports. Oppenheimer reduced their price objective on shares of Immunovant from $50.00 to $46.00 and set an outperform rating for the company in a report on Monday, June 3rd. HC Wainwright restated a buy rating and issued a $51.00 price objective on shares of Immunovant in a report on Thursday, May 30th. JPMorgan Chase & Co. began coverage on shares of Immunovant in a report on Tuesday, February 20th. They set an overweight rating and a $51.00 price target for the company. Truist Financial reiterated a buy rating and set a $48.00 price target on shares of Immunovant in a report on Monday, March 25th. Finally, The Goldman Sachs Group began coverage on shares of Immunovant in a report on Wednesday, March 13th. They issued a buy rating and a $50.00 price objective for the company. Seventeen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant presently has a consensus rating of Buy and an average target price of $48.75.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $26.19 on Tuesday. The firm has a 50 day simple moving average of $28.31 and a 200 day simple moving average of $34.07. The company has a market cap of $3.83 billion, a price-to-earnings ratio of -13.78 and a beta of 0.67. Immunovant has a one year low of $18.16 and a one year high of $45.58.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Wednesday, May 29th. The company reported ($0.52) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same period in the prior year, the business posted ($0.46) EPS. As a group, analysts expect that Immunovant will post -2.1 EPS for the current year.

Insider Activity

In other news, CFO Eva Renee Barnett sold 3,689 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $115,023.02. Following the transaction, the chief financial officer now owns 371,709 shares in the company, valued at approximately $11,589,886.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of the 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 $149,882.26. Following the completion of the sale, the chief executive officer now directly owns 1,086,958 shares of the company’s stock, valued at approximately $33,891,350.44. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Eva Renee Barnett sold 3,689 shares of the 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 $11,589,886.62. The disclosure for this sale can be found here. Insiders have sold a total of 99,948 shares of company stock valued at $2,936,889 in the last 90 days. 4.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Headlands Technologies LLC bought a new position in Immunovant during the fourth quarter valued at $27,000. Assetmark Inc. acquired a new position in shares of Immunovant during the fourth quarter valued at about $61,000. EntryPoint Capital LLC increased its holdings in shares of Immunovant by 288.8% during the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after acquiring an additional 2,163 shares in the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of Immunovant during the fourth quarter valued at about $212,000. Finally, CoreCap Advisors LLC increased its holdings in shares of Immunovant by 11.2% during the fourth quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock valued at $270,000 after acquiring an additional 647 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.