Immunovant (NASDAQ:IMVT) Raised to Strong-Buy at Cantor Fitzgerald

Immunovant (NASDAQ:IMVT) was upgraded by research analysts at Cantor Fitzgerald to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other analysts have also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday. They set a “hold” rating and a $20.00 price objective for the company. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research report on Friday, February 7th. Guggenheim reduced their price objective on Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Bank of America lowered their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Finally, Wells Fargo & Company cut their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Two analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $43.55.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $18.49 on Tuesday. The business’s 50 day moving average price is $22.19 and its 200-day moving average price is $26.73. Immunovant has a 1 year low of $17.65 and a 1 year high of $35.97. The firm has a market capitalization of $3.14 billion, a PE ratio of -7.06 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, analysts expect that Immunovant will post -2.69 earnings per share for the current year.

Insider Buying and Selling

In other news, insider William L. Macias sold 2,383 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the transaction, the insider now directly owns 359,408 shares in the company, valued at approximately $8,564,692.64. This represents a 0.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the transaction, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at $3,302,387.69. The trade was a 1.54 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,510 shares of company stock valued at $656,886. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC raised its holdings in shares of Immunovant by 4.5% in the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock valued at $324,435,000 after buying an additional 560,344 shares during the period. Vanguard Group Inc. boosted its position in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after buying an additional 20,614 shares during the period. Deep Track Capital LP grew its stake in shares of Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after acquiring an additional 1,652,536 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in shares of Immunovant by 53.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after acquiring an additional 1,786,217 shares during the period. Finally, State Street Corp raised its stake in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after acquiring an additional 303,386 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.