Immunovant, Inc. (NASDAQ:IMVT) Receives $47.89 Consensus Target Price from Analysts

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) has earned a consensus recommendation of "Buy" from the eleven research firms that are covering the company, MarketBeat reports. Eleven investment analysts have rated the stock with a buy rating. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $47.60.

A number of equities research analysts have recently weighed in on IMVT shares. Wells Fargo & Company reduced their price objective on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a research note on Monday, September 9th. HC Wainwright reiterated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Oppenheimer lifted their target price on Immunovant from $47.00 to $53.00 and gave the company an "outperform" rating in a research note on Wednesday, October 9th. Finally, Raymond James restated an "outperform" rating and set a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th.

Immunovant Stock Down 2.2 %

IMVT stock traded down $0.59 during midday trading on Thursday, hitting $25.66. The company's stock had a trading volume of 1,244,815 shares, compared to its average volume of 1,061,397. Immunovant has a 52-week low of $24.61 and a 52-week high of $45.58. The firm has a market capitalization of $3.77 billion, a P/E ratio of -11.56 and a beta of 0.64. The firm has a 50-day simple moving average of $28.70 and a 200-day simple moving average of $28.73.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.15). During the same period in the previous year, the firm posted ($0.45) EPS. On average, sell-side analysts expect that Immunovant will post -2.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, CFO Eva Renee Barnett sold 5,162 shares of the company's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the transaction, the chief financial officer now owns 338,614 shares of the company's stock, valued at approximately $10,009,429.84. This represents a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Peter Salzmann sold 4,460 shares of Immunovant stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $131,837.60. Following the completion of the sale, the chief executive officer now directly owns 1,003,884 shares of the company's stock, valued at $29,674,811.04. The trade was a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,659 shares of company stock worth $2,096,890. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently added to or reduced their stakes in IMVT. KBC Group NV grew its holdings in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after buying an additional 612 shares during the period. Quest Partners LLC boosted its position in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company's stock worth $69,000 after acquiring an additional 1,786 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Immunovant in the second quarter valued at approximately $77,000. Assetmark Inc. increased its position in Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company's stock worth $82,000 after purchasing an additional 1,228 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock worth $148,000 after purchasing an additional 934 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.