HC Wainwright Reaffirms Buy Rating for Immunovant (NASDAQ:IMVT)

Key Points

• HC Wainwright has reaffirmed a "Buy" rating for Immunovant (NASDAQ:IMVT) with a price target of $35.00, indicating a potential upside of 109.58% from its current price.
• Immunovant recently reported quarterly earnings of ($0.60) EPS, which beat analysts' estimates of ($0.69) by $0.09, maintaining its performance compared to the same period last year.
• Institutional investors have significantly increased their stakes in Immunovant, with Squarepoint Ops LLC raising its stake by 714.6% in the second quarter alone.

HC Wainwright reaffirmed their buy rating on shares of Immunovant (NASDAQ:IMVT - Free Report) in a report issued on Thursday,Benzinga reports. HC Wainwright currently has a $35.00 price objective on the stock.

Several other brokerages have also weighed in on IMVT. Bank of America cut their price objective on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research report on Thursday, July 10th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. UBS Group boosted their target price on shares of Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $33.60.

Immunovant Stock Performance

Shares of IMVT stock traded up $1.02 during trading on Thursday, hitting $17.14. 2,073,404 shares of the company were exchanged, compared to its average volume of 1,325,247. The firm has a market capitalization of $2.99 billion, a price-to-earnings ratio of -6.01 and a beta of 0.45. The business's 50-day simple moving average is $16.31 and its 200 day simple moving average is $16.34. Immunovant has a twelve month low of $12.72 and a twelve month high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the prior year, the business posted ($0.60) EPS. On average, equities analysts forecast that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In related news, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the transaction, the chief technology officer directly owned 204,919 shares of the company's stock, valued at $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the transaction, the insider directly owned 221,825 shares of the company's stock, valued at $4,026,123.75. This represents a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock valued at $140,384 over the last ninety days. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Immunovant by 21.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after acquiring an additional 1,037 shares during the last quarter. Bank of America Corp DE grew its position in shares of Immunovant by 50.4% in the 4th quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock valued at $8,460,000 after purchasing an additional 114,511 shares during the period. Rhumbline Advisers grew its position in shares of Immunovant by 3.2% in the 1st quarter. Rhumbline Advisers now owns 83,555 shares of the company's stock valued at $1,428,000 after purchasing an additional 2,623 shares during the period. Northern Trust Corp grew its position in shares of Immunovant by 4.0% in the 4th quarter. Northern Trust Corp now owns 527,367 shares of the company's stock valued at $13,063,000 after purchasing an additional 20,377 shares during the period. Finally, Teacher Retirement System of Texas grew its position in shares of Immunovant by 19.2% in the 1st quarter. Teacher Retirement System of Texas now owns 18,122 shares of the company's stock valued at $310,000 after purchasing an additional 2,919 shares during the period. 47.08% of the stock is owned by institutional investors.

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.