Immunovant, Inc. (NASDAQ:IMVT) Stock Has Consensus Price Target of $44.00 According to Analysts

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

IMVT has been the topic of several research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Friday, October 2nd. JPMorgan Chase & Co. lifted their price target on Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Citigroup reiterated a “positive” rating on shares of Immunovant in a research report on Thursday, September 24th. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Finally, HC Wainwright reissued a “buy” rating on shares of Immunovant in a report on Thursday, September 24th.

Immunovant Trading Up 0.7%

NASDAQ:IMVT opened at $29.64 on Friday. Immunovant has a 1 year low of $21.43 and a 1 year high of $45.42. The firm has a 50 day moving average of $34.86 and a 200-day moving average of $32.02.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same period last year, the company earned ($0.71) earnings per share. On average, equities research analysts predict that Immunovant will post -2.96 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Jay S. Stout sold 3,809 shares of the stock in a transaction that occurred on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total transaction of $122,116.54. Following the sale, the chief technology officer directly owned 201,532 shares of the company’s stock, valued at $6,461,115.92. This represents a 1.85% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 firm’s stock in a transaction that occurred on Friday, August 28th. The shares were sold at an average price of $43.27, for a total transaction of $64,905.00. Following the completion of the sale, the director directly owned 116,731 shares of the company’s stock, valued at approximately $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. In the last 90 days, insiders sold 17,824 shares of company stock valued at $599,581. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IMVT. Empowered Funds LLC raised its position in shares of Immunovant by 2.7% during the first quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after acquiring an additional 381 shares during the last quarter. Corient Private Wealth LP boosted its holdings in Immunovant by 1.8% in the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock valued at $945,000 after acquiring an additional 442 shares during the last quarter. GAMMA Investing LLC boosted its holdings in Immunovant by 63.6% in the third quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock valued at $41,000 after acquiring an additional 476 shares during the last quarter. Swiss National Bank boosted its holdings in Immunovant by 0.7% in the first quarter. Swiss National Bank now owns 159,400 shares of the company’s stock valued at $3,959,000 after acquiring an additional 1,100 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Immunovant by 7.7% in the second quarter. Wellington Management Group LLP now owns 30,722 shares of the company’s stock worth $1,184,000 after purchasing an additional 2,197 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.