Oppenheimer Increases Immunovant (NASDAQ:IMVT) Price Target to $53.00

Immunovant (NASDAQ:IMVT) had its target price lifted by research analysts at Oppenheimer from $47.00 to $53.00 in a research report issued on Wednesday, Briefing.com reports. The firm currently has an “outperform” rating on the stock. Oppenheimer’s target price indicates a potential upside of 78.99% from the stock’s previous close.

Several other research analysts have also commented on IMVT. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Monday, September 30th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. UBS Group dropped their price objective on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $49.73.

Immunovant Price Performance

Immunovant stock opened at $29.61 on Wednesday. The firm’s 50 day moving average price is $29.86 and its 200-day moving average price is $29.07. Immunovant has a 1 year low of $24.67 and a 1 year high of $45.58. The stock has a market cap of $4.33 billion, a P/E ratio of -15.58 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same period in the prior year, the company posted ($0.57) EPS. As a group, equities analysts expect that Immunovant will post -2.43 EPS for the current year.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 8,685 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total value of $257,857.65. Following the completion of the sale, the chief executive officer now directly owns 1,023,412 shares of the company’s stock, valued at $30,385,102.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Mark S. Levine sold 2,505 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $74,373.45. Following the transaction, the insider now owns 337,409 shares in the company, valued at $10,017,673.21. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Peter Salzmann sold 8,685 shares of the company’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $257,857.65. Following the transaction, the chief executive officer now owns 1,023,412 shares in the company, valued at approximately $30,385,102.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 20,582 shares of company stock valued at $598,980 over the last three months. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in Immunovant by 11.2% in the 1st quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after buying an additional 650,506 shares during the period. Armistice Capital LLC increased its holdings in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after buying an additional 1,232,909 shares during the period. Alpine Global Management LLC increased its holdings in Immunovant by 34.6% in the 1st quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after buying an additional 484,332 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in Immunovant by 16.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock worth $60,163,000 after buying an additional 259,481 shares during the period. Finally, Boxer Capital LLC increased its holdings in Immunovant by 33.3% in the 4th quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock worth $42,130,000 after buying an additional 250,000 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

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.