Wells Fargo & Company Issues Pessimistic Forecast for Immunovant (NASDAQ:IMVT) Stock Price

Immunovant (NASDAQ:IMVT) had its target price lowered by stock analysts at Wells Fargo & Company from $47.00 to $45.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 74.01% from the company’s current price.

A number of other analysts also recently weighed in on IMVT. Raymond James reiterated an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research report on Thursday, October 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Oppenheimer boosted their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, 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. Eleven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $47.60.

Immunovant Price Performance

IMVT opened at $25.86 on Thursday. The firm has a 50 day simple moving average of $28.53 and a 200 day simple moving average of $28.72. Immunovant has a fifty-two week low of $24.61 and a fifty-two week high of $45.58. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -11.65 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results 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 prior year, the business earned ($0.45) earnings per share. As a group, analysts expect that Immunovant will post -2.73 EPS for the current year.

Insider Buying and Selling

In other news, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $424,811.40. Following the transaction, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Eva Renee Barnett sold 5,162 shares of the firm’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction 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. This trade represents a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,659 shares of company stock worth $2,096,890. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMVT. FMR LLC lifted its stake in shares of Immunovant by 19.6% during 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 last quarter. Armistice Capital LLC raised its holdings in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after acquiring an additional 1,232,909 shares during the period. Baker BROS. Advisors LP lifted its position in Immunovant by 163.7% during the third 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 during the last quarter. Principal Financial Group Inc. boosted its holdings 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 worth $27,117,000 after acquiring an additional 391,436 shares during the period. Finally, State Street Corp grew its position in shares of Immunovant by 11.2% in 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. 47.08% of the stock is owned by institutional investors.

Immunovant Company Profile

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.