Immunovant (NASDAQ:IMVT) Lowered to “Peer Perform” Rating by Wolfe Research

Wolfe Research downgraded shares of Immunovant (NASDAQ:IMVT) from an outperform rating to a peer perform rating in a research report report published on Friday morning, MarketBeat reports.

IMVT has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Oppenheimer raised their price target on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Finally, Wells Fargo & Company lowered their price objective 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 investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.22.

Immunovant Stock Performance

Shares of Immunovant stock opened at $24.81 on Friday. Immunovant has a 52-week low of $23.88 and a 52-week high of $45.58. The stock has a market capitalization of $3.64 billion, a price-to-earnings ratio of -11.18 and a beta of 0.64. The company’s 50 day moving average price is $27.75 and its 200-day moving average price is $28.69.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the prior year, the firm earned ($0.45) earnings per share. As a group, equities research analysts forecast that Immunovant will post -2.73 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, insider Mark S. Levine sold 3,650 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 $92,892.50. Following the completion of the transaction, the insider now owns 319,228 shares of the company’s stock, valued at $8,124,352.60. The trade was a 1.13 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $152,588.72. Following the completion of the transaction, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at approximately $10,009,429.84. This represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock valued at $2,096,890 in the last quarter. 5.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Immunovant

Several large investors have recently bought and sold shares of IMVT. Bank of New York Mellon Corp increased its holdings in Immunovant by 12.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 250,339 shares of the company’s stock worth $6,609,000 after buying an additional 27,960 shares in the last quarter. Rhumbline Advisers increased its holdings in Immunovant by 9.7% in the 2nd quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock worth $2,205,000 after buying an additional 7,363 shares in the last quarter. Quest Partners LLC increased its holdings in Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after buying an additional 1,786 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Immunovant during the 2nd quarter valued at about $77,000. Finally, First Turn Management LLC grew its stake in shares of Immunovant by 35.6% during the 2nd quarter. First Turn Management LLC now owns 695,428 shares of the company’s stock valued at $18,359,000 after purchasing an additional 182,535 shares during the period. 47.08% of the stock is currently 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.