Immunovant’s (IMVT) Buy Rating Reiterated at HC Wainwright

HC Wainwright reiterated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a report published on Friday morning,Benzinga reports. The brokerage currently has a $51.00 target price on the stock.

Several other research firms have also recently weighed in on IMVT. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. Raymond James reiterated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wells Fargo & Company lowered their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Bank of America lowered their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $47.00.

Immunovant Price Performance

NASDAQ IMVT opened at $20.41 on Friday. The business’s fifty day moving average price is $24.75 and its 200-day moving average price is $27.79. The stock has a market capitalization of $3.47 billion, a price-to-earnings ratio of -7.79 and a beta of 0.65. Immunovant has a 1-year low of $19.86 and a 1-year high of $39.55.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities research analysts anticipate that Immunovant will post -2.74 EPS for the current year.

Insider Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 4,174 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $106,228.30. Following the sale, the chief financial officer now directly owns 331,169 shares of the company’s stock, valued at approximately $8,428,251.05. The trade was a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider William L. Macias sold 2,383 shares of Immunovant stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $56,786.89. Following the completion of the sale, the insider now directly owns 359,408 shares in the company, valued at $8,564,692.64. This trade represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,892 shares of company stock valued at $1,811,857 over the last ninety days. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in shares of Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after buying an additional 2,053,688 shares during the period. Baker BROS. Advisors LP boosted its position in shares of Immunovant by 163.7% during the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after buying an additional 760,692 shares during the period. Principal Financial Group Inc. boosted its position in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after buying an additional 391,436 shares during the period. State Street Corp boosted its position in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after buying an additional 96,924 shares during the period. Hedge funds and other 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.