Immunovant, Inc. (NASDAQ:IMVT) Stock Rated “Moderate Buy” by Wall Street Analysts

Immunovant, Inc. (NASDAQ:IMVT) has received a consensus recommendation of “Moderate Buy” from the twelve brokerages that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $44.00.

A number of equities research analysts have issued reports on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. JPMorgan Chase & Co. increased their price objective on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Citigroup reissued a “positive” rating on shares of Immunovant in a research report on Thursday, September 24th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th.

Insider Transactions at Immunovant

In other news, CEO Eric Venker sold 3,506 shares of Immunovant stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $34.11, for a total transaction of $119,589.66. Following the completion of the sale, the chief executive officer directly owned 257,075 shares in the company, valued at $8,768,828.25. The trade was a 1.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 the stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $43.27, for a total value of $64,905.00. Following the completion of the transaction, the director owned 116,731 shares in the company, valued at $5,050,950.37. This represents a 1.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 7,852 shares of company stock valued at $287,975 in the last three months. Corporate insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of large investors have recently bought and sold shares of IMVT. Quantbot Technologies LP bought a new position in Immunovant during the second quarter valued at about $87,000. Nykredit A S bought a new stake in shares of Immunovant during the 2nd quarter worth about $174,000. State of Wyoming bought a new stake in shares of Immunovant during the 2nd quarter worth about $208,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of Immunovant during the 2nd quarter valued at about $223,000. Finally, Empowered Funds LLC acquired a new position in shares of Immunovant during the 2nd quarter valued at about $381,000. 47.08% of the stock is currently owned by institutional investors.

Immunovant Price Performance

NASDAQ IMVT opened at $32.11 on Wednesday. The company has a 50 day simple moving average of $38.89 and a 200-day simple moving average of $34.35. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of -11.39 and a beta of 0.84. Immunovant has a 52-week low of $15.95 and a 52-week high of $45.42.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period in the prior year, the company posted ($0.71) EPS. On average, analysts predict that Immunovant will post -2.96 EPS for the current year.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.