Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $47.89

Immunovant, Inc. (NASDAQ:IMVT) has been given a consensus rating of “Buy” by the ten ratings firms that are covering the stock, Marketbeat reports. Ten analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $47.22.

A number of research analysts have weighed in on the company. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. Wells Fargo & Company lowered their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday. Raymond James restated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. Finally, Oppenheimer increased their price objective on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th.

Immunovant Stock Performance

Shares of Immunovant stock opened at $25.86 on Thursday. The stock has a market capitalization of $3.80 billion, a P/E ratio of -11.65 and a beta of 0.64. Immunovant has a 52-week low of $24.61 and a 52-week high of $45.58. The stock’s 50-day simple moving average is $28.53 and its 200 day simple moving average is $28.74.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the firm posted ($0.45) EPS. Equities research analysts forecast that Immunovant will post -2.73 EPS for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, CEO Peter Salzmann sold 4,460 shares of Immunovant stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the transaction, the chief executive officer now directly owns 1,003,884 shares of the company’s stock, valued at $29,674,811.04. The trade was a 0.44 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Eva Renee Barnett sold 5,162 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $152,588.72. Following the completion of the sale, the chief financial officer now owns 338,614 shares of the company’s stock, valued at $10,009,429.84. The trade was a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock valued at $2,096,890 over the last 90 days. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. KBC Group NV grew its holdings in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after acquiring an additional 612 shares during the last quarter. Quest Partners LLC boosted its holdings in Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after acquiring an additional 1,786 shares in the last quarter. Assetmark Inc. increased its position in Immunovant by 73.8% during the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after purchasing an additional 1,228 shares during the period. Headlands Technologies LLC bought a new position in Immunovant in the 2nd quarter worth $77,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after purchasing an additional 934 shares during the period. 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.