Immunovant (NASDAQ:IMVT) Price Target Raised to $18.00 at UBS Group

Key Points

• UBS Group has raised Immunovant's target price from $17.00 to $18.00, indicating a potential upside of 7.40% based on the stock's previous close.
• The Goldman Sachs Group also upgraded Immunovant to a "hold" rating, setting the same price target of $18.00.
• Immunovant’s stock is currently rated "Moderate Buy" with a consensus price target of $36.40 according to analysts.

Immunovant (NASDAQ:IMVT - Get Free Report) had its target price lifted by research analysts at UBS Group from $17.00 to $18.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage presently has a "neutral" rating on the stock. UBS Group's target price indicates a potential upside of 7.40% from the stock's previous close.

Separately, The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price objective for the company in a research report on Thursday, July 10th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $36.40.

Immunovant Price Performance

Shares of Immunovant stock traded down $0.19 on Monday, hitting $16.76. The company had a trading volume of 1,571,378 shares, compared to its average volume of 1,502,091. The stock has a 50-day moving average of $16.23 and a 200-day moving average of $17.62. Immunovant has a twelve month low of $12.72 and a twelve month high of $34.47. The firm has a market capitalization of $2.87 billion, a P/E ratio of -6.12 and a beta of 0.63.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.08. The firm had revenue of $0.16 million for the quarter. During the same period in the prior year, the company earned ($0.52) earnings per share. Equities analysts predict that Immunovant will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, 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 sale, the insider owned 221,825 shares in the company, valued at $4,026,123.75. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The shares were 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 in the company, valued at $3,719,279.85. This represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock worth $140,384 in the last 90 days. Corporate insiders own 1.80% of the company's stock.

Institutional Trading of Immunovant

Institutional investors and hedge funds have recently bought and sold shares of the business. Strs Ohio bought a new position in shares of Immunovant during the first quarter worth approximately $27,000. FNY Investment Advisers LLC bought a new position in shares of Immunovant during the first quarter worth approximately $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in shares of Immunovant during the first quarter worth approximately $37,000. Farther Finance Advisors LLC increased its stake in shares of Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company's stock worth $46,000 after purchasing an additional 2,855 shares during the period. Finally, Headlands Technologies LLC bought a new position in shares of Immunovant during the first quarter worth approximately $51,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.