Immunovant’s (IMVT) Buy Rating Reaffirmed at HC Wainwright

HC Wainwright restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note published on Friday,Benzinga reports. HC Wainwright currently has a $51.00 price objective on the stock.

IMVT has been the subject of a number of other research reports. UBS Group lowered their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. JPMorgan Chase & Co. decreased their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a report on Thursday, August 8th. Oppenheimer raised their price objective on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Finally, Raymond James reiterated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Immunovant presently has an average rating of “Buy” and a consensus target price of $48.10.

Immunovant Stock Performance

Immunovant stock traded up $0.72 during mid-day trading on Friday, hitting $30.65. 683,138 shares of the company’s stock were exchanged, compared to its average volume of 713,532. Immunovant has a fifty-two week low of $24.67 and a fifty-two week high of $45.58. The company’s 50 day simple moving average is $29.77 and its 200-day simple moving average is $28.96.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period last year, the business earned ($0.45) earnings per share. On average, research analysts predict that Immunovant will post -2.41 EPS for the current year.

Insider Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now owns 338,614 shares in the company, valued at approximately $10,009,429.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now directly owns 338,614 shares in the company, valued at $10,009,429.84. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark S. Levine sold 4,361 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $128,780.33. Following the transaction, the insider now directly owns 322,878 shares of the company’s stock, valued at approximately $9,534,587.34. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,277 shares of company stock valued at $941,919 in the last 90 days. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of IMVT. Armistice Capital LLC grew its stake in shares of Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after purchasing an additional 1,232,909 shares during the period. Vanguard Group Inc. grew its position in shares of Immunovant by 11.2% during the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after purchasing an additional 650,506 shares in the last quarter. Alpine Global Management LLC increased its position in Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock worth $60,830,000 after purchasing an additional 484,332 shares during the last quarter. Principal Financial Group Inc. raised its position in Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Immunovant by 16.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company’s stock valued at $60,163,000 after acquiring an additional 259,481 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.