Bank of America Issues Pessimistic Forecast for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its target price cut by analysts at Bank of America from $48.00 to $45.00 in a report issued on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 89.08% from the company’s current price.

Several other brokerages have also recently issued reports on IMVT. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Oppenheimer upped their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Raymond James reissued an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $47.00.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $23.80 on Wednesday. The company has a market cap of $3.49 billion, a P/E ratio of -10.72 and a beta of 0.66. Immunovant has a 52-week low of $22.41 and a 52-week high of $42.14. The firm’s fifty day moving average is $26.65 and its two-hundred day moving average is $28.53.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the previous year, the firm posted ($0.45) earnings per share. As a group, analysts forecast that Immunovant will post -2.75 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Eva Renee Barnett sold 4,174 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $106,228.30. Following the transaction, the chief financial officer now owns 331,169 shares of the company’s stock, valued at $8,428,251.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the stock in a transaction on Monday, January 13th. The stock was bought at an average cost of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the transaction, the director now owns 96,650,341 shares in the company, valued at $1,933,006,820. This trade represents a 21.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders sold 61,693 shares of company stock valued at $1,586,625. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC lifted its holdings in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares during the period. Armistice Capital LLC lifted its stake in Immunovant by 57.0% in the second quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after acquiring an additional 1,232,909 shares during the period. Baker BROS. Advisors LP grew its holdings in Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after acquiring an additional 760,692 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after acquiring an additional 391,436 shares in the last quarter. Finally, State Street Corp increased its position in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares during the period. Institutional investors own 47.08% of the company’s stock.

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.