Cantor Fitzgerald Reaffirms Overweight Rating for Immunovant (NASDAQ:IMVT)

Immunovant (NASDAQ:IMVT - Get Free Report)'s stock had its "overweight" rating reaffirmed by equities research analysts at Cantor Fitzgerald in a note issued to investors on Tuesday, Benzinga reports.

Other equities research analysts have also issued research reports about the stock. The Goldman Sachs Group began coverage on shares of Immunovant in a report on Wednesday, March 13th. They issued a "buy" rating and a $50.00 price objective for the company. Oppenheimer reduced their price target on shares of Immunovant from $50.00 to $46.00 and set an "outperform" rating on the stock in a research report on Monday, June 3rd. Truist Financial reissued a "buy" rating and set a $48.00 price objective on shares of Immunovant in a report on Monday, March 25th. HC Wainwright restated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research report on Thursday, May 30th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Immunovant in a research report on Tuesday, February 20th. They issued an "overweight" rating and a $51.00 price objective on the stock. Seventeen investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average target price of $48.75.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded down $0.61 during mid-day trading on Tuesday, reaching $26.19. The company's stock had a trading volume of 1,007,658 shares, compared to its average volume of 1,203,016. The stock has a 50-day moving average of $28.31 and a two-hundred day moving average of $34.07. The stock has a market capitalization of $3.83 billion, a P/E ratio of -13.78 and a beta of 0.67. Immunovant has a 1-year low of $18.16 and a 1-year high of $45.58.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Wednesday, May 29th. The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.44) by ($0.08). During the same quarter last year, the business posted ($0.46) EPS. Analysts predict that Immunovant will post -2.1 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Julia G. Butchko sold 1,053 shares of Immunovant stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $32,832.54. Following the completion of the sale, the insider now directly owns 461,742 shares in the company, valued at approximately $14,397,115.56. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $149,882.26. Following the transaction, the chief executive officer now directly owns 1,086,958 shares of the company's stock, valued at approximately $33,891,350.44. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Julia G. Butchko sold 1,053 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $32,832.54. Following the completion of the transaction, the insider now directly owns 461,742 shares in the company, valued at $14,397,115.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 99,948 shares of company stock worth $2,936,889. 4.80% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of the company. Castleark Management LLC bought a new stake in shares of Immunovant during the first quarter valued at approximately $2,599,000. Bamco Inc. NY boosted its stake in Immunovant by 1.7% in the 1st quarter. Bamco Inc. NY now owns 60,000 shares of the company's stock valued at $1,939,000 after buying an additional 1,000 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Immunovant by 16.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,862,043 shares of the company's stock valued at $60,163,000 after buying an additional 259,481 shares in the last quarter. Tyro Capital Management LLC boosted its stake in Immunovant by 117.0% in the 1st quarter. Tyro Capital Management LLC now owns 97,667 shares of the company's stock valued at $3,156,000 after buying an additional 52,667 shares in the last quarter. Finally, Alpine Global Management LLC boosted its stake in Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company's stock worth $60,830,000 after purchasing an additional 484,332 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.