Bank of America Has Lowered Expectations for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its price target lowered by stock analysts at Bank of America from $38.00 to $33.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Bank of America‘s target price would indicate a potential upside of 68.02% from the stock’s current price.

Several other equities research analysts have also recently commented on the company. Wells Fargo & Company cut their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Wednesday. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Finally, Jefferies Financial Group assumed coverage on Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 target price on the stock. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Immunovant has a consensus rating of “Buy” and a consensus price target of $41.70.

Immunovant Price Performance

NASDAQ:IMVT opened at $19.64 on Thursday. Immunovant has a fifty-two week low of $17.01 and a fifty-two week high of $34.47. The stock has a market capitalization of $3.34 billion, a PE ratio of -7.50 and a beta of 0.68. The business’s 50-day simple moving average is $20.86 and its 200-day simple moving average is $25.71.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data 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). On average, research analysts expect that Immunovant will post -2.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now directly owns 91,913 shares of the company’s stock, valued at approximately $1,801,494.80. The trade was a 8.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 2,195 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total value of $51,780.05. Following the transaction, the chief technology officer now directly owns 139,991 shares in the company, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,510 shares of company stock valued at $813,686 in the last 90 days. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. KBC Group NV increased its holdings in shares of Immunovant by 46.2% during 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. Rhumbline Advisers increased its holdings in shares of Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after acquiring an additional 1,188 shares during the last quarter. Swiss National Bank increased its holdings in shares of Immunovant by 1.2% during the 4th quarter. Swiss National Bank now owns 100,800 shares of the company’s stock worth $2,497,000 after acquiring an additional 1,200 shares during the last quarter. Tyro Capital Management LLC increased its holdings in shares of Immunovant by 0.6% during the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock worth $7,189,000 after acquiring an additional 1,529 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in Immunovant by 4.0% in the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company’s stock valued at $1,002,000 after purchasing an additional 1,541 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

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.