Immunovant (NASDAQ:IMVT) Given New $33.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has decreased its price target for Immunovant (NASDAQ:IMVT) from $37.00 to $33.00, while maintaining an "overweight" rating for the stock.
• Despite the price target cut, potential upside remains significant at 105.48% from the current stock price of $16.06.
• Immunovant's consensus rating stands at "Moderate Buy" with a consensus price target of $33.20, reflecting positive sentiment among analysts.

Immunovant (NASDAQ:IMVT - Get Free Report) had its price target decreased by equities research analysts at JPMorgan Chase & Co. from $37.00 to $33.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 105.48% from the stock's current price.

IMVT has been the subject of several other research reports. HC Wainwright reissued a "buy" rating and set a $35.00 price objective on shares of Immunovant in a report on Thursday, September 4th. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price objective for the company in a report on Thursday, July 10th. Citigroup reissued a "buy" rating on shares of Immunovant in a report on Monday, August 11th. Bank of America cut their price objective on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a report on Tuesday, August 12th. Finally, UBS Group boosted their price objective on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Immunovant has a consensus rating of "Moderate Buy" and a consensus target price of $33.20.

Immunovant Stock Down 1.0%

IMVT stock opened at $16.06 on Tuesday. The firm has a market capitalization of $2.80 billion, a PE ratio of -5.64 and a beta of 0.45. Immunovant has a twelve month low of $12.72 and a twelve month high of $32.10. The stock has a 50-day simple moving average of $15.82 and a two-hundred day simple moving average of $15.87.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same period in the previous year, the business posted ($0.60) EPS. On average, equities research analysts anticipate that Immunovant will post -2.69 EPS for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction that occurred 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 owned 204,919 shares of the company's stock, valued at $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction that occurred on 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 directly owned 221,825 shares of the company's stock, 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. In the last ninety days, insiders sold 7,869 shares of company stock valued at $140,384. 1.80% of the stock is owned by insiders.

Institutional Trading of Immunovant

Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. Baker BROS. Advisors LP lifted its position in Immunovant by 219.6% in the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock valued at $93,275,000 after purchasing an additional 3,750,000 shares during the last quarter. Woodline Partners LP raised its holdings in shares of Immunovant by 133.0% during the first quarter. Woodline Partners LP now owns 1,497,869 shares of the company's stock valued at $25,599,000 after acquiring an additional 855,143 shares in the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in shares of Immunovant by 15.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company's stock valued at $100,743,000 after acquiring an additional 777,590 shares in the last quarter. Norges Bank bought a new position in shares of Immunovant during the second quarter valued at approximately $11,003,000. Finally, Two Seas Capital LP raised its holdings in shares of Immunovant by 37.1% during the second quarter. Two Seas Capital LP now owns 2,252,772 shares of the company's stock valued at $36,044,000 after acquiring an additional 610,000 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.

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