Bank of America Issues Pessimistic Forecast for Immunovant (NASDAQ:IMVT) Stock Price

Key Points

• Bank of America has lowered its price target for Immunovant (NASDAQ:IMVT) from $33.00 to $30.00 while maintaining a "buy" rating, indicating a potential upside of 103.25% from the current price.
• The company recently reported a quarterly loss of ($0.71) EPS, slightly missing analysts' expectations, and is projected to post a total EPS of -2.69 for the current year.
• Immunovant's stock has seen increased interest from institutional investors, with 47.08% of shares now held by hedge funds and other institutions.

Immunovant (NASDAQ:IMVT - Get Free Report) had its price objective lowered by investment analysts at Bank of America from $33.00 to $30.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the stock. Bank of America's price objective would suggest a potential upside of 103.25% from the company's current price.

Several other research firms have also issued reports on IMVT. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 target price on the stock in a report on Thursday, July 10th. UBS Group boosted their target price on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Citigroup restated a "buy" rating on shares of Immunovant in a report on Monday. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $35.00.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $14.76 on Tuesday. The firm has a market cap of $2.52 billion, a PE ratio of -5.39 and a beta of 0.66. The firm's fifty day moving average is $16.54 and its 200-day moving average is $17.05. Immunovant has a 52 week low of $12.72 and a 52 week high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.71) EPS for the quarter, missing analysts' consensus estimates of ($0.69) by ($0.02). During the same period in the prior year, the business posted ($0.60) EPS. Sell-side analysts forecast that Immunovant will post -2.69 EPS for the current year.

Insider Activity

In other news, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the transaction, the insider owned 221,825 shares in the company, valued at approximately $4,026,123.75. This represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock worth $140,384 in the last quarter. Company insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently made changes to their positions in IMVT. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Immunovant by 11.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company's stock worth $106,000 after acquiring an additional 675 shares in the last quarter. Strs Ohio bought a new stake in shares of Immunovant during the first quarter worth about $27,000. Banque Pictet & Cie SA increased its position in shares of Immunovant by 1.3% during the first quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock worth $2,519,000 after acquiring an additional 1,917 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Immunovant during the first quarter worth about $34,000. Finally, MetLife Investment Management LLC increased its position in shares of Immunovant by 6.1% during the fourth quarter. MetLife Investment Management LLC now owns 35,648 shares of the company's stock worth $883,000 after acquiring an additional 2,040 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.