Analysts Set Immunovant, Inc. (NASDAQ:IMVT) Price Target at $38.33

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) has been given an average rating of "Moderate Buy" by the ten ratings firms that are currently covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $38.33.

Several brokerages have recently commented on IMVT. Bank of America cut their price objective on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective for the company. HC Wainwright reiterated a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research report on Wednesday, March 19th. UBS Group reiterated a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Finally, Wolfe Research cut shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd.

Immunovant Trading Up 4.8 %

Shares of NASDAQ IMVT traded up $0.70 during midday trading on Wednesday, hitting $15.42. 1,444,804 shares of the company's stock were exchanged, compared to its average volume of 1,200,392. Immunovant has a 12-month low of $12.72 and a 12-month high of $34.47. The company has a market cap of $2.62 billion, a price-to-earnings ratio of -5.89 and a beta of 0.81. The business's fifty day moving average price is $17.39 and its two-hundred day moving average price is $22.92.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, insider Michael Geffner sold 2,349 shares of the firm's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total value of $34,741.71. Following the sale, the insider now owns 225,370 shares of the company's stock, valued at $3,333,222.30. This trade represents a 1.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 51,682 shares of company stock valued at $753,419 in the last quarter. Insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Immunovant

A number of large investors have recently modified their holdings of the stock. FMR LLC boosted its stake in shares of Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company's stock valued at $324,435,000 after purchasing an additional 560,344 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock valued at $165,449,000 after purchasing an additional 20,614 shares in the last quarter. Deep Track Capital LP boosted its stake in shares of Immunovant by 38.0% during the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after purchasing an additional 1,652,536 shares in the last quarter. T. Rowe Price Investment Management Inc. boosted its stake in shares of Immunovant by 53.6% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company's stock valued at $126,754,000 after purchasing an additional 1,786,217 shares in the last quarter. Finally, Alpine Global Management LLC boosted its stake in shares of Immunovant by 14.7% during the 4th quarter. Alpine Global Management LLC now owns 2,158,904 shares of the company's stock valued at $53,476,000 after purchasing an additional 276,200 shares in the last quarter. 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.