Immunovant's (IMVT) "Buy" Rating Reiterated at HC Wainwright

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

Several other equities research analysts have also recently commented on the company. Bank of America lowered their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Citigroup reissued a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. JPMorgan Chase & Co. decreased their target price on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. UBS Group upped their target price on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $33.60.

Immunovant Stock Up 0.8%

Immunovant stock traded up $0.14 during midday trading on Thursday, hitting $16.51. The company's stock had a trading volume of 809,431 shares, compared to its average volume of 1,467,956. The stock's 50-day moving average price is $16.32 and its 200-day moving average price is $16.28. Immunovant has a 12 month low of $12.72 and a 12 month high of $32.10. The company has a market capitalization of $2.88 billion, a PE ratio of -5.79 and a beta of 0.45.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.09. During the same period last year, the company posted ($0.60) EPS. As a group, equities analysts anticipate that Immunovant will post -2.69 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction on 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 sale, the chief technology officer directly owned 204,919 shares in the company, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Michael Geffner sold 2,385 shares of the firm's 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 owned 221,825 shares in the company, valued at approximately $4,026,123.75. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock valued at $140,384 over the last 90 days. 1.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Immunovant by 11.4% during the 2nd 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. The Manufacturers Life Insurance Company raised its stake in Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock valued at $578,000 after acquiring an additional 900 shares during the period. Ameritas Investment Partners Inc. boosted its stake in Immunovant by 14.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company's stock valued at $112,000 after purchasing an additional 904 shares during the period. Strs Ohio bought a new stake in Immunovant in the 1st quarter valued at $27,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Immunovant by 4.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,641 shares of the company's stock valued at $683,000 after purchasing an additional 1,670 shares during the period. Institutional investors 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.