Immunovant, Inc. (NASDAQ:IMVT) Stock Rated "Moderate Buy" by Sell-Side Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Immunovant, with eight buy, three hold and one sell rating; the average 12-month price target is $44.00.
• Institutional ownership stands at 47.08%, with BlackRock, Two Seas Capital and ADAR1 Capital among investors establishing new positions during the second quarter.
• Immunovant reported a quarterly loss of $0.75 per share, missing the $0.63 consensus estimate, while shares opened at $33.46—below the average analyst target.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the twelve ratings firms that are currently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have given a hold recommendation and eight have given a buy recommendation to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $44.00.

A number of equities research analysts have issued reports on IMVT shares. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a research report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. UBS Group reaffirmed a "buy" rating on shares of Immunovant in a research note on Wednesday, September 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a report on Monday, July 6th. Finally, Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a report on Wednesday, July 29th.

Insider Buying and Selling

In other Immunovant news, CEO Eric Venker sold 3,092 shares of the company's stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the transaction, the chief executive officer directly owned 254,280 shares of the company's stock, valued at $9,784,694.40. This represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay Stout sold 3,487 shares of the firm's stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $137,910.85. Following the sale, the chief technology officer directly owned 208,198 shares of the company's stock, valued at $8,234,230.90. This trade represents a 1.65% 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. Over the last 90 days, insiders sold 14,167 shares of company stock worth $553,498. Insiders own 1.90% of the company's stock.

Institutional Trading of Immunovant

A number of institutional investors have recently added to or reduced their stakes in IMVT. BlackRock Inc. acquired a new position in shares of Immunovant during the 2nd quarter worth $276,680,000. Two Seas Capital LP acquired a new stake in shares of Immunovant in the 2nd quarter valued at $121,312,000. ADAR1 Capital Management LLC acquired a new stake in shares of Immunovant in the 2nd quarter valued at $89,802,000. Jennison Associates LLC boosted its holdings in Immunovant by 356.4% in the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company's stock worth $79,406,000 after purchasing an additional 2,496,241 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its holdings in Immunovant by 25.6% in the fourth quarter. Perceptive Advisors LLC now owns 1,994,890 shares of the company's stock worth $50,710,000 after purchasing an additional 407,000 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Price Performance

Shares of IMVT opened at $33.46 on Wednesday. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of -11.87 and a beta of 0.81. Immunovant has a fifty-two week low of $15.81 and a fifty-two week high of $45.42. The business's 50-day moving average is $39.50 and its 200-day moving average is $34.05.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the business earned ($0.71) earnings per share. Equities research analysts expect that Immunovant will post -2.96 earnings per share for the current fiscal year.

About Immunovant

Immunovant, Inc NASDAQ: IMVT is a clinical-stage biopharmaceutical company developing therapies for patients with immune-mediated diseases. The company focuses on conditions in which disease-causing antibodies, or immunoglobulin G (IgG), play a central role, including autoimmune and inflammatory disorders.

Immunovant's lead product candidate is batoclimab, an investigational fully human monoclonal antibody designed to block the neonatal Fc receptor (FcRn). By inhibiting FcRn, batoclimab is intended to reduce circulating IgG antibodies that can contribute to autoimmune disease.

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