Immunovant (NASDAQ:IMVT) Now Covered by Sanford C. Bernstein

Equities research analysts at Sanford C. Bernstein initiated coverage on shares of Immunovant (NASDAQ:IMVT) in a report issued on Friday. The firm set a “market perform” rating and a $28.00 price target on the stock. Sanford C. Bernstein’s price objective would indicate a potential upside of 18.39% from the stock’s current price.

Several other analysts have also recently weighed in on IMVT. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, January 6th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Guggenheim boosted their price target on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Finally, Truist Financial increased their price target on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Immunovant presently has a consensus rating of “Hold” and a consensus price target of $32.00.

Immunovant Trading Up 0.2%

Immunovant stock opened at $23.65 on Friday. Immunovant has a 1-year low of $12.72 and a 1-year high of $29.25. The firm has a market capitalization of $4.81 billion, a PE ratio of -8.79 and a beta of 0.62. The firm’s 50 day simple moving average is $26.16 and its 200 day simple moving average is $22.84.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter in the previous year, the business earned ($0.76) EPS. Research analysts forecast that Immunovant will post -2.69 earnings per share for the current year.

Insiders Place Their Bets

In other Immunovant news, CTO Jay S. Stout sold 1,977 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the completion of the sale, the chief technology officer owned 197,634 shares of the company’s stock, valued at $5,144,413.02. This represents a 0.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

Several institutional investors and hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new stake in Immunovant in the fourth quarter worth $25,000. Strs Ohio bought a new stake in shares of Immunovant in the 1st quarter valued at about $27,000. Aster Capital Management DIFC Ltd bought a new stake in shares of Immunovant in the 3rd quarter valued at about $33,000. PNC Financial Services Group Inc. boosted its holdings in Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Finally, Quarry LP boosted its holdings in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the period. Institutional investors own 47.08% of the company’s stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.