Immunovant (NASDAQ:IMVT) Price Target Raised to $33.00

Immunovant (NASDAQ:IMVT) had its target price increased by Truist Financial from $30.00 to $33.00 in a report issued on Tuesday morning,Benzinga reports. They currently have a hold rating on the stock.

Other research analysts have also issued reports about the stock. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. HC Wainwright restated a “buy” rating on shares of Immunovant in a report on Thursday, September 24th. JPMorgan Chase & Co. lifted their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Wells Fargo & Company upped their price objective on shares of Immunovant from $45.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Citigroup reiterated a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $44.60.

Immunovant Stock Performance

Immunovant stock opened at $35.05 on Tuesday. Immunovant has a 52-week low of $21.86 and a 52-week high of $45.42. The stock’s 50 day moving average price is $32.74 and its two-hundred day moving average price is $32.30.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, November 9th. The company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.74) by $0.27. During the same quarter in the prior year, the business posted ($0.73) earnings per share. Analysts anticipate that Immunovant will post -2.78 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In related news, insider Christopher Van Tuyl sold 2,846 shares of the stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $36.36, for a total value of $103,480.56. Following the transaction, the insider directly owned 176,545 shares in the company, valued at $6,419,176.20. This trade represents a 1.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay Stout sold 3,809 shares of Immunovant stock in a transaction 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 completion of the sale, the chief technology officer directly owned 201,532 shares of the company’s stock, valued at approximately $6,461,115.92. The trade was a 1.85% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 27,430 shares of company stock valued at $895,852 over the last three months. 1.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. GAMMA Investing LLC lifted its stake in shares of 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 buying an additional 476 shares in the last quarter. Quantbot Technologies LP bought a new stake in shares of Immunovant during the second quarter worth about $87,000. Sterling Capital Management LLC increased its position in shares of Immunovant by 856.0% during the third quarter. Sterling Capital Management LLC now owns 2,868 shares of the company’s stock worth $97,000 after acquiring an additional 2,568 shares in the last quarter. Nykredit A S bought a new stake in shares of Immunovant during the second quarter worth about $174,000. Finally, State of Wyoming acquired a new stake in shares of Immunovant in the 2nd quarter worth about $208,000. 47.08% of the stock is owned by institutional investors.

Immunovant Company Profile

Immunovant, Inc. is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies. The company’s investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves’ disease and other autoimmune disorders.