Immunovant (NASDAQ:IMVT) Rating Reiterated by HC Wainwright

Immunovant (NASDAQ:IMVT)‘s stock had its “buy” rating reiterated by stock analysts at HC Wainwright in a report released on Monday, Benzinga reports. They presently have a $51.00 price target on the stock. HC Wainwright’s price target would suggest a potential upside of 79.26% from the company’s previous close.

Several other analysts also recently commented on IMVT. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. JPMorgan Chase & Co. dropped their price objective on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. Oppenheimer reduced their price objective on Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a research report on Monday, June 3rd. Finally, UBS Group dropped their target price on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $49.09.

Immunovant Trading Down 0.2 %

Shares of IMVT opened at $28.45 on Monday. The stock has a market cap of $4.16 billion, a P/E ratio of -14.97 and a beta of 0.67. Immunovant has a 1 year low of $24.67 and a 1 year high of $45.58. The stock’s 50-day moving average price is $29.75 and its two-hundred day moving average price is $29.14.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same quarter in the previous year, the business posted ($0.57) EPS. As a group, equities analysts forecast that Immunovant will post -2.43 EPS for the current year.

Insider Activity

In other news, CEO Peter Salzmann sold 8,685 shares of the business’s stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $257,857.65. Following the transaction, the chief executive officer now directly owns 1,023,412 shares in the company, valued at approximately $30,385,102.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Immunovant news, CFO Eva Renee Barnett sold 4,747 shares of Immunovant stock in a transaction on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total transaction of $133,200.82. Following the completion of the transaction, the chief financial officer now directly owns 350,667 shares of the company’s stock, valued at $9,839,716.02. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Peter Salzmann sold 8,685 shares of the stock in a transaction dated Wednesday, July 17th. The shares were sold at an average price of $29.69, for a total transaction of $257,857.65. Following the completion of the transaction, the chief executive officer now directly owns 1,023,412 shares in the company, valued at $30,385,102.28. The disclosure for this sale can be found here. In the last 90 days, insiders sold 31,475 shares of company stock valued at $904,638. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Algert Global LLC boosted its holdings in shares of Immunovant by 134.1% during the second quarter. Algert Global LLC now owns 120,938 shares of the company’s stock worth $3,193,000 after acquiring an additional 69,278 shares during the period. Scientech Research LLC bought a new stake in Immunovant in the 2nd quarter valued at $334,000. Armistice Capital LLC grew its holdings in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after buying an additional 1,232,909 shares in the last quarter. Squarepoint Ops LLC increased its position in Immunovant by 5.6% during the 2nd quarter. Squarepoint Ops LLC now owns 49,288 shares of the company’s stock worth $1,301,000 after buying an additional 2,615 shares during the period. Finally, Farallon Capital Management LLC acquired a new stake in shares of Immunovant during the second quarter worth $317,000. 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.