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

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 - Free Report) had its target price reduced by JPMorgan Chase & Co. from $40.00 to $37.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other analysts have also issued reports about the stock. Citigroup restated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. UBS Group boosted their target price on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, July 10th. Finally, Bank of America lowered their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday. Three equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $35.20.

Immunovant Stock Performance

Shares of IMVT stock traded up $0.02 during trading hours on Tuesday, reaching $15.22. The company had a trading volume of 1,781,359 shares, compared to its average volume of 1,284,310. The business has a fifty day moving average price of $16.50 and a 200-day moving average price of $16.93. Immunovant has a one year low of $12.72 and a one year high of $34.47. The firm has a market cap of $2.65 billion, a PE ratio of -5.34 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the prior year, the business earned ($0.60) EPS. Equities research analysts forecast that Immunovant will post -2.69 EPS for the current year.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider owned 221,825 shares of the company's stock, valued at approximately $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction on Wednesday, July 23rd. The shares were 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. The trade was 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 three months. Insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Immunovant

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