Immunovant (NASDAQ:IMVT) Price Target Raised to $50.00

Key Points

• JPMorgan raised Immunovant’s price target to $50 from $47 and maintained an “overweight” rating, implying roughly 26% upside from the prior close.
• Analyst sentiment is broadly positive, with six Buy, three Hold, and one Sell rating; MarketBeat reports a “Moderate Buy” consensus and an average target price of $44.
• Immunovant shares rose 3.0% to $39.66, while the company reported a quarterly loss of $0.73 per share, missing the $0.60-per-share consensus estimate.

Immunovant (NASDAQ:IMVT - Get Free Report) had its price target upped by stock analysts at JPMorgan Chase & Co. from $47.00 to $50.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s target price suggests a potential upside of 26.07% from the stock's previous close.

IMVT has been the subject of a number of other reports. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a report on Wednesday, July 29th. Truist Financial lifted their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a research note on Friday, May 22nd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a report on Monday, July 6th. Citigroup increased their price objective on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Finally, The Goldman Sachs Group raised their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, April 15th. Six research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Immunovant has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

Immunovant Stock Up 3.0%

NASDAQ IMVT traded up $1.15 during trading on Tuesday, hitting $39.66. The stock had a trading volume of 509,158 shares, compared to its average volume of 1,556,204. The company has a market capitalization of $8.19 billion, a PE ratio of -14.28 and a beta of 0.77. The firm has a 50 day moving average price of $36.74 and a 200 day moving average price of $30.25. Immunovant has a twelve month low of $14.32 and a twelve month high of $41.23.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period last year, the business earned ($0.64) EPS. On average, sell-side analysts anticipate that Immunovant will post -2.65 earnings per share for the current year.

Insider Transactions at Immunovant

In related news, insider Tuyl Christopher Van sold 1,206 shares of the firm's stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $47,697.30. Following the transaction, the insider owned 179,391 shares in the company, valued at $7,094,914.05. This trade represents a 0.67% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,092 shares of Immunovant stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the transaction, the chief executive officer directly owned 254,280 shares in the company, valued at approximately $9,784,694.40. This trade represents a 1.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 324,810 shares of company stock worth $11,350,166. Insiders own 1.90% of the company's stock.

Institutional Trading of Immunovant

A number of large investors have recently bought and sold shares of the business. Empowered Funds LLC increased its position in shares of Immunovant by 2.7% in the first quarter. Empowered Funds LLC now owns 14,556 shares of the company's stock valued at $362,000 after buying an additional 381 shares in the last quarter. Wellington Management Group LLP increased its holdings in Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company's stock valued at $733,000 after acquiring an additional 755 shares in the last quarter. Royal Bank of Canada raised its position in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company's stock worth $116,000 after acquiring an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company lifted its holdings in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock valued at $578,000 after purchasing an additional 900 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in shares of Immunovant in the fourth quarter valued at about $25,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

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