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

Cantor Fitzgerald upgraded shares of Immunovant (NASDAQ:IMVT) to a strong-buy rating in a research note published on Thursday morning,Zacks.com reports.

Other equities analysts have also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Bank of America cut their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Wells Fargo & Company decreased their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Oppenheimer upped their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Finally, Raymond James reaffirmed an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. One investment analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $47.00.

Immunovant Stock Performance

Shares of Immunovant stock opened at $21.74 on Thursday. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of -9.79 and a beta of 0.66. The stock has a 50 day moving average price of $25.55 and a 200-day moving average price of $28.13. Immunovant has a one year low of $21.48 and a one year high of $39.55.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter last year, the firm earned ($0.45) EPS. Sell-side analysts predict that Immunovant will post -2.84 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the sale, the chief technology officer now owns 139,991 shares of the company’s stock, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Eva Renee Barnett sold 4,174 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $106,228.30. Following the completion of the transaction, the chief financial officer now owns 331,169 shares in the company, valued at approximately $8,428,251.05. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

Several large investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its position in Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock valued at $9,561,000 after purchasing an additional 22,990 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after buying an additional 91,259 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after buying an additional 391,436 shares during the period. State Street Corp boosted 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 worth $86,167,000 after buying an additional 303,386 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Immunovant by 6.9% during the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after acquiring an additional 96,924 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.