Wolfe Research Downgrades Immunovant (NASDAQ:IMVT) to Peer Perform

Wolfe Research downgraded shares of Immunovant (NASDAQ:IMVT - Free Report) from an outperform rating to a peer perform rating in a research report released on Friday, Marketbeat reports.

A number of other brokerages also recently issued reports on IMVT. Cantor Fitzgerald reissued an "overweight" rating on shares of Immunovant in a research report on Monday, September 9th. Oppenheimer boosted their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an "outperform" rating in a research note on Wednesday, October 9th. Wells Fargo & Company lowered their price objective on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Raymond James reissued an "outperform" rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Finally, HC Wainwright restated a "buy" rating and set a $51.00 price target on shares of Immunovant in a research report on Friday, November 8th. One equities research analyst has rated the stock with a hold rating and nine have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.22.

Immunovant Stock Down 1.5 %

NASDAQ:IMVT traded down $0.38 on Friday, hitting $24.81. The stock had a trading volume of 488,055 shares, compared to its average volume of 529,477. The company has a fifty day moving average price of $27.75 and a two-hundred day moving average price of $28.69. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -11.18 and a beta of 0.64. Immunovant has a 1-year low of $23.88 and a 1-year high of $45.58.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.15). During the same quarter in the previous year, the business posted ($0.45) earnings per share. As a group, analysts anticipate that Immunovant will post -2.73 earnings per share for the current year.

Insider Activity

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $152,588.72. Following the sale, the chief financial officer now directly owns 338,614 shares of the company's stock, valued at approximately $10,009,429.84. This represents a 1.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CTO Jay S. Stout sold 2,740 shares of the firm's stock in a transaction on Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total transaction of $80,912.20. Following the completion of the sale, the chief technology officer now owns 142,186 shares in the company, valued at $4,198,752.58. The trade was a 1.89 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,659 shares of company stock worth $2,096,890. Corporate insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Immunovant

Large investors have recently bought and sold shares of the business. KBC Group NV boosted its stake in Immunovant by 46.2% in the third quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after acquiring an additional 612 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock valued at $148,000 after purchasing an additional 934 shares during the last quarter. Assetmark Inc. boosted its position in shares of Immunovant by 73.8% in the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company's stock valued at $82,000 after purchasing an additional 1,228 shares during the period. Tyro Capital Management LLC boosted its position in shares of Immunovant by 0.6% in the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock valued at $7,189,000 after purchasing an additional 1,529 shares during the period. Finally, Quest Partners LLC grew its stake in Immunovant by 216.7% during the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company's stock worth $69,000 after buying an additional 1,786 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

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.