Immunovant (NASDAQ:IMVT) Earns Buy Rating from Guggenheim

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by research analysts at Guggenheim in a research report issued to clients and investors on Thursday,Benzinga reports.

IMVT has been the subject of several other research reports. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Jefferies Financial Group began coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective for the company. HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Wednesday. Wells Fargo & Company dropped their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Bank of America dropped their price objective on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a report on Thursday. 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. According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $41.70.

Immunovant Price Performance

IMVT opened at $19.64 on Thursday. The stock’s 50 day simple moving average is $20.86 and its 200 day simple moving average is $25.71. Immunovant has a 1 year low of $17.01 and a 1 year high of $34.47. The firm has a market cap of $3.34 billion, a price-to-earnings ratio of -7.50 and a beta of 0.68.

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

Insider Activity

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the transaction, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the transaction, the director now owns 91,913 shares of the company’s stock, valued at $1,801,494.80. The trade was a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,510 shares of company stock worth $813,686 in the last quarter. 5.90% of the stock is owned by company insiders.

Institutional Trading of Immunovant

Several large investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its position in Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock valued at $9,561,000 after purchasing an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after acquiring an additional 91,259 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares in the last quarter. ABC Arbitrage SA purchased a new stake in shares of Immunovant in the fourth quarter worth about $734,000. Finally, State Street Corp lifted 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 worth $86,167,000 after buying an additional 303,386 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.