Immunovant (NASDAQ:IMVT) Price Target Raised to $50.00

Immunovant (NASDAQ:IMVT) had its target price boosted by JPMorgan Chase & Co. from $47.00 to $50.00 in a research note issued to investors on Tuesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

IMVT has been the subject of a number of other research reports. Bank of America increased their target price on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. HC Wainwright boosted their price target on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Guggenheim boosted their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Stock Performance

Shares of IMVT stock opened at $39.74 on Tuesday. Immunovant has a 1 year low of $14.32 and a 1 year high of $41.23. The stock has a fifty day moving average of $37.09 and a two-hundred day moving average of $30.52. The firm has a market capitalization of $8.20 billion, a PE ratio of -14.29 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter. During the same period in the previous year, the business earned ($0.71) earnings per share. Equities research analysts predict that Immunovant will post -2.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Tuyl Christopher Van sold 1,206 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $47,697.30. Following the completion of the transaction, the insider owned 179,391 shares of the company’s stock, valued at $7,094,914.05. This trade represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of Immunovant stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the transaction, the director directly owned 116,731 shares in the company, valued at approximately $4,436,945.31. The trade was a 1.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 324,810 shares of company stock valued at $11,350,166. 1.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently made changes to their positions in the business. Geneos Wealth Management Inc. bought a new stake in shares of Immunovant in the 4th quarter worth approximately $25,000. Strs Ohio acquired a new position in Immunovant in the first quarter worth approximately $27,000. PNC Financial Services Group Inc. grew its position in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares during the last quarter. Quarry LP increased its holdings in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its holdings in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after buying an additional 4,273 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

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.