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

Key Points

• Immunovant, Inc. has received a consensus rating of "Moderate Buy" from twelve brokerages, with an average 1-year price objective of $35.20.
• In insider trading news, CTO Jay S. Stout sold 2,805 shares at an average price of $18.15, reducing his position by 1.35%.
• As of the latest reports, 47.08% of Immunovant's stock is owned by institutional investors and hedge funds, reflecting growing institutional interest in the company.

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twelve research firms that are presently covering the company, Marketbeat reports. Three analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $35.20.

A number of research firms recently commented on IMVT. JPMorgan Chase & Co. reduced their price objective 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 price objective on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Bank of America reduced their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Citigroup reissued a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. Finally, The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research note on Thursday, July 10th.

Immunovant Price Performance

Shares of NASDAQ:IMVT traded down $0.36 on Tuesday, hitting $14.82. The company's stock had a trading volume of 662,669 shares, compared to its average volume of 1,179,922. The company has a 50-day simple moving average of $16.33 and a 200 day simple moving average of $16.55. Immunovant has a 1 year low of $12.72 and a 1 year high of $34.47. The company has a market capitalization of $2.58 billion, a PE ratio of -5.20 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results 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 in the prior year, the business earned ($0.60) EPS. On average, equities research analysts expect that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the sale, the chief technology officer directly owned 204,919 shares in the company, valued at $3,719,279.85. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Michael Geffner sold 2,385 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 $43,287.75. Following the completion of the sale, the insider owned 221,825 shares in the company, valued at approximately $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,869 shares of company stock valued at $140,384. Company insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN raised its position in shares of Immunovant by 50.0% during the 4th quarter. Wells Fargo & Company MN now owns 28,063 shares of the company's stock valued at $695,000 after buying an additional 9,349 shares during the period. Raymond James Financial Inc. purchased a new stake in Immunovant in the fourth quarter valued at approximately $505,000. CANADA LIFE ASSURANCE Co raised its position in Immunovant by 138.4% in the fourth quarter. CANADA LIFE ASSURANCE Co now owns 14,276 shares of the company's stock valued at $353,000 after purchasing an additional 8,289 shares during the period. MetLife Investment Management LLC grew its stake in shares of Immunovant by 6.1% in the fourth quarter. MetLife Investment Management LLC now owns 35,648 shares of the company's stock worth $883,000 after acquiring an additional 2,040 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Immunovant by 1,498.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 16,242 shares of the company's stock worth $402,000 after acquiring an additional 15,226 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.