Immunovant (NASDAQ:IMVT) Raised to Hold at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Immunovant (NASDAQ:IMVT - Free Report) to a hold rating in a research report report published on Thursday morning, Marketbeat reports. The brokerage currently has $18.00 price objective on the stock.

A number of other equities analysts have also recently issued reports on IMVT. UBS Group reaffirmed a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Finally, Bank of America decreased their price target on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Three equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.30.

Immunovant Trading Up 3.6%

IMVT traded up $0.63 on Thursday, reaching $18.13. The stock had a trading volume of 1,272,861 shares, compared to its average volume of 1,217,809. Immunovant has a fifty-two week low of $12.72 and a fifty-two week high of $34.47. The firm has a 50-day moving average of $15.49 and a 200-day moving average of $18.08. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of -6.62 and a beta of 0.63.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.72) by $0.08. The firm had revenue of $0.16 million during the quarter. During the same period in the previous year, the firm posted ($0.52) earnings per share. Sell-side analysts anticipate that Immunovant will post -2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Jay S. Stout sold 1,519 shares of the company's stock in a transaction dated Wednesday, July 9th. The stock was sold at an average price of $17.24, for a total transaction of $26,187.56. Following the sale, the chief technology officer owned 207,724 shares in the company, valued at $3,581,161.76. This represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Eva Renee Barnett sold 2,993 shares of the company's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $14.89, for a total value of $44,565.77. Following the sale, the chief financial officer owned 396,774 shares in the company, valued at approximately $5,907,964.86. The trade was a 0.75% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,267 shares of company stock worth $277,864 in the last quarter. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its holdings in Immunovant by 2.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 564,442 shares of the company's stock worth $13,981,000 after acquiring an additional 12,012 shares in the last quarter. Raymond James Financial Inc. bought a new position in Immunovant in the fourth quarter worth approximately $505,000. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Immunovant by 29.7% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 235,884 shares of the company's stock worth $5,843,000 after acquiring an additional 54,085 shares in the last quarter. Swiss National Bank boosted its holdings in Immunovant by 1.2% in the fourth quarter. Swiss National Bank now owns 100,800 shares of the company's stock worth $2,497,000 after acquiring an additional 1,200 shares in the last quarter. Finally, Intech Investment Management LLC boosted its holdings in Immunovant by 44.1% in the fourth quarter. Intech Investment Management LLC now owns 31,439 shares of the company's stock worth $779,000 after acquiring an additional 9,614 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

About Immunovant

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.