JPMorgan Chase & Co. Lowers Immunovant (NASDAQ:IMVT) Price Target to $37.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for Immunovant from $40.00 to $37.00, while maintaining an "overweight" rating on the stock, suggesting a potential upside of 143.34% from current levels.
• Meanwhile, several other analysts rated Immunovant with a mix of "hold," "buy," and "neutral," contributing to a consensus average price target of $35.20.
• Recently, insiders have sold a total of 7,869 shares of Immunovant stock worth about $140,384 over the past 90 days, indicating some movement in insider ownership.

Immunovant (NASDAQ:IMVT - Get Free Report) had its target price cut by research analysts at JPMorgan Chase & Co. from $40.00 to $37.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 143.34% from the company's current price.

IMVT has been the subject of several other research reports. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, July 10th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research report on Monday. UBS Group upped their target price on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Finally, Bank of America decreased their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday. Three equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $35.20.

Immunovant Trading Up 3.0%

Shares of NASDAQ IMVT traded up $0.45 during trading on Tuesday, reaching $15.21. The company had a trading volume of 356,114 shares, compared to its average volume of 1,466,760. Immunovant has a twelve month low of $12.72 and a twelve month high of $34.47. The stock has a market capitalization of $2.60 billion, a PE ratio of -5.57 and a beta of 0.66. The stock has a 50-day moving average price of $16.54 and a two-hundred day moving average price of $17.05.

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

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the stock in a transaction that occurred on 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 approximately $3,719,279.85. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the 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. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock worth $140,384 in the last 90 days. 1.80% of the stock is currently owned by insiders.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in IMVT. Alliancebernstein L.P. raised its position in shares of Immunovant by 5.9% during the 4th quarter. Alliancebernstein L.P. now owns 74,850 shares of the company's stock worth $1,854,000 after purchasing an additional 4,200 shares during the period. Geode Capital Management LLC raised its position in shares of Immunovant by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 1,515,020 shares of the company's stock worth $37,536,000 after purchasing an additional 4,094 shares during the period. Wells Fargo & Company MN grew its holdings in Immunovant by 50.0% in the 4th quarter. Wells Fargo & Company MN now owns 28,063 shares of the company's stock worth $695,000 after buying an additional 9,349 shares in the last quarter. Raymond James Financial Inc. bought a new position in Immunovant in the 4th quarter worth approximately $505,000. Finally, XTX Topco Ltd bought a new position in Immunovant in the 4th quarter worth approximately $563,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.

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