Immunovant (NASDAQ:IMVT) Receives "Buy" Rating from Guggenheim

Guggenheim reiterated their buy rating on shares of Immunovant (NASDAQ:IMVT - Free Report) in a research note issued to investors on Monday,Benzinga reports.

IMVT has been the topic of a number of other reports. Jefferies Financial Group began coverage on Immunovant in a research report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price target on the stock. HC Wainwright reiterated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Friday, February 7th. Wolfe Research cut Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Bank of America lowered their price target on Immunovant from $48.00 to $45.00 and set a "buy" rating on the stock in a research report on Wednesday, January 15th. Finally, Wells Fargo & Company lowered their price target on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. One investment analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average target price of $42.90.

Immunovant Price Performance

Shares of NASDAQ IMVT traded up $0.73 during trading hours on Monday, reaching $19.52. The stock had a trading volume of 911,294 shares, compared to its average volume of 1,230,847. The business's fifty day moving average is $21.32 and its two-hundred day moving average is $26.12. The company has a market cap of $3.32 billion, a price-to-earnings ratio of -7.45 and a beta of 0.68. Immunovant has a twelve month low of $17.65 and a twelve month high of $35.97.

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Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). Sell-side analysts forecast that Immunovant will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $123,030.50. Following the transaction, the chief executive officer now owns 972,992 shares of the company's stock, valued at approximately $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now directly owns 91,913 shares in the company, valued at $1,801,494.80. The trade was a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock worth $813,686 over the last 90 days. Insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently added to or reduced their stakes in IMVT. FMR LLC lifted its stake in Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company's stock valued at $357,446,000 after buying an additional 2,053,688 shares during the period. T. Rowe Price Investment Management Inc. lifted its stake in Immunovant by 53.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company's stock valued at $126,754,000 after buying an additional 1,786,217 shares during the period. Deep Track Capital LP lifted its stake in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after buying an additional 1,652,536 shares during the period. JPMorgan Chase & Co. raised its position in shares of Immunovant by 405.3% during the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock worth $28,568,000 after purchasing an additional 925,081 shares during the period. Finally, Two Seas Capital LP raised its position in shares of Immunovant by 123.4% during the fourth quarter. Two Seas Capital LP now owns 1,511,614 shares of the company's stock worth $37,443,000 after purchasing an additional 835,000 shares during the period. Institutional investors and hedge funds 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.