Immunovant (NASDAQ:IMVT) Raised to “Strong-Buy” at Cantor Fitzgerald

Immunovant (NASDAQ:IMVT) was upgraded by Cantor Fitzgerald to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on IMVT. Bank of America cut their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Guggenheim reduced their price objective on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday. They set a “hold” rating and a $20.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, February 7th. Finally, Wells Fargo & Company reduced their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Immunovant currently has an average rating of “Moderate Buy” and a consensus target price of $43.55.

Immunovant Trading Up 5.0 %

Shares of NASDAQ IMVT opened at $19.42 on Tuesday. Immunovant has a twelve month low of $17.65 and a twelve month high of $35.97. The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of -7.41 and a beta of 0.68. The firm has a 50-day moving average of $22.06 and a two-hundred day moving average of $26.68.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, research analysts predict that Immunovant will post -2.69 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average price of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the acquisition, the director now owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. This represents a 21.11 % increase in their position. The purchase 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 the stock in a transaction that occurred on 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 transaction, the insider now owns 359,408 shares in the company, valued at $8,564,692.64. This represents a 0.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,510 shares of company stock valued at $656,886 over the last three months. 5.90% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in Immunovant by 7.4% in the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after buying an additional 22,990 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the last quarter. Principal Financial Group Inc. grew its holdings in 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 purchasing an additional 391,436 shares during the last quarter. ABC Arbitrage SA acquired a new position in Immunovant during the fourth quarter valued at approximately $734,000. Finally, State Street Corp grew its holdings in 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 purchasing an additional 303,386 shares during the last quarter. Institutional investors and hedge funds 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.