Immunovant (NASDAQ:IMVT) Stock Gets Price Target Increase from Truist Financial

Key Points

• Truist raised Immunovant’s price target from $30 to $33 but maintained a Hold rating; the new target implies 8.08% downside from the prior close. Across analysts, the consensus rating is Moderate Buy with a $44.60 target.
• Immunovant said its IMVT-1402 trial in difficult-to-treat rheumatoid arthritis met its primary endpoint, while it is unlikely to pursue the drug further in Sjögren’s disease beyond the ongoing Phase 2 trial.
• The company reported a quarterly loss of $0.47 per share, narrower than the $0.74 loss analysts expected and the $0.73 loss a year earlier.

Immunovant (NASDAQ:IMVT - Get Free Report) had its price target lifted by analysts at Truist Financial from $30.00 to $33.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective points to a potential downside of 8.08% from the company's previous close.

Several other research firms have also recently weighed in on IMVT. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research report on Friday, October 2nd. JPMorgan Chase & Co. lifted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Wells Fargo & Company boosted their target price on shares of Immunovant from $45.00 to $47.00 and gave the company an "overweight" rating in a report on Tuesday. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a research report on Wednesday, July 29th. Finally, HC Wainwright reiterated a "buy" rating on shares of Immunovant in a report on Thursday, September 24th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.60.

Immunovant Trading Up 2.1%

NASDAQ:IMVT traded up $0.75 on Tuesday, reaching $35.90. 183,879 shares of the stock traded hands, compared to its average volume of 1,508,922. The firm has a market capitalization of $7.42 billion, a price-to-earnings ratio of -12.70 and a beta of 0.95. The company's 50 day moving average is $32.98 and its 200-day moving average is $32.15. Immunovant has a 1-year low of $21.86 and a 1-year high of $45.42.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Monday, November 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.74) by $0.27. During the same quarter in the prior year, the business posted ($0.73) EPS. On average, equities research analysts forecast that Immunovant will post -2.96 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 2,595 shares of the stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $28.94, for a total transaction of $75,099.30. Following the transaction, the chief technology officer directly owned 198,937 shares of the company's stock, valued at $5,757,236.78. This represents a 1.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,241 shares of the stock in a transaction on Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total transaction of $71,846.46. Following the transaction, the chief operating officer directly owned 217,060 shares in the company, valued at approximately $6,958,943.60. This represents a 1.02% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 24,430 shares of company stock worth $787,852 over the last ninety days. 1.90% of the stock is owned by company insiders.

Institutional Trading of Immunovant

Several large investors have recently made changes to their positions in IMVT. The Manufacturers Life Insurance Company bought a new position in shares of Immunovant in the second quarter valued at approximately $1,871,000. Renaissance Technologies LLC bought a new stake in Immunovant during the first quarter worth $4,782,000. GSA Capital Partners LLP bought a new stake in Immunovant during the second quarter worth $2,515,000. Man Group plc purchased a new stake in Immunovant in the 2nd quarter valued at $5,399,000. Finally, Squarepoint Ops LLC purchased a new stake in Immunovant in the 2nd quarter valued at $2,996,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Immunovant

Here are the key news stories impacting Immunovant this week:

• Positive Sentiment: IMVT-1402 met the primary endpoint in a potentially registrational trial for difficult-to-treat rheumatoid arthritis: 92.5% of patients receiving the 600 mg dose achieved an ACR20 response at Week 28, versus 75.6% on placebo (p=0.0139). Exploratory ACR50 and ACR70 responses also reached 80.0% and 52.5%, respectively. Immunovant plans to discuss the next regulatory steps with the FDA later this year, making those discussions an important upcoming catalyst. Immunovant corporate updates and financial results
• Positive Sentiment: Immunovant reported a loss of $0.47 per share, narrower than analysts’ estimate of a $0.74 loss and the $0.73 loss a year earlier. The earnings beat may provide a modest positive alongside the clinical update. Second-quarter earnings results
• Negative Sentiment: The company said it is unlikely to advance IMVT-1402 in Sjögren’s disease beyond its ongoing, fully enrolled Phase 2 trial, citing the evolving landscape and recent data in the field. This narrows the drug’s potential development opportunities, though other clinical timelines remain on track. Immunovant corporate updates and financial results

About Immunovant

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.

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