Immunovant, Inc. (NASDAQ:IMVT) Given Average Rating of "Moderate Buy" by Analysts

Key Points

• Analyst sentiment is moderately bullish: Ten analysts rate Immunovant “Moderate Buy,” comprising six buys, three holds and one sell. The average 12-month price target is $44, above the stock’s reported $39.89 opening price.
• Institutional ownership has expanded: Institutional investors and hedge funds own 47.08% of IMVT, with major additions from BlackRock, Morgan Stanley, Jennison Associates and others.
• Recent results fell short on earnings: Immunovant reported a quarterly loss of $0.75 per share versus the consensus estimate of a $0.63 loss, while revenue of $7.09 million matched expectations. Company insiders sold $11.35 million of stock over the last quarter.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) has earned an average recommendation of "Moderate Buy" from the ten analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $44.00.

IMVT has been the subject of several recent research reports. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a report on Wednesday, July 29th. The Goldman Sachs Group increased their price target on shares of Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a report on Wednesday, April 15th. HC Wainwright raised their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Truist Financial lifted their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a report on Friday, May 22nd. Finally, Bank of America upped their price objective on shares of Immunovant from $32.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st.

Insider Transactions at Immunovant

In other Immunovant news, COO Melanie Gloria sold 17,714 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the sale, the chief operating officer directly owned 224,393 shares of the company's stock, valued at approximately $8,596,495.83. This trade represents a 7.32% 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 hyperlink. Also, CTO Jay S. Stout sold 40,000 shares of the business's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the completion of the sale, the chief technology officer owned 211,685 shares of the company's stock, valued at $8,109,652.35. This trade represents a 15.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 324,810 shares of company stock worth $11,350,166 over the last quarter. Company insiders own 1.90% of the company's stock.

Institutional Investors Weigh In On Immunovant

A number of institutional investors have recently added to or reduced their stakes in IMVT. BlackRock Inc. purchased a new position in Immunovant during the second quarter valued at $276,680,000. RTW Investments LP purchased a new stake in shares of Immunovant during the fourth quarter worth about $80,781,000. Morgan Stanley increased its stake in shares of Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after purchasing an additional 2,887,359 shares in the last quarter. Jennison Associates LLC raised its position in shares of Immunovant by 356.4% during the 1st 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 during the last quarter. Finally, ADAR1 Capital Management LLC raised its position in shares of Immunovant by 319.0% during the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock worth $36,137,000 after purchasing an additional 1,706,687 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Stock Down 0.2%

Shares of IMVT stock opened at $39.89 on Tuesday. Immunovant has a 52-week low of $14.32 and a 52-week high of $41.23. The stock has a market cap of $8.24 billion, a PE ratio of -14.15 and a beta of 0.77. The business has a 50-day simple moving average of $37.37 and a 200-day simple moving average of $30.71.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the company posted ($0.71) EPS. Sell-side analysts anticipate that Immunovant will post -2.65 earnings per share for the current fiscal year.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

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