Immunovant’s (IMVT) Buy Rating Reiterated at Guggenheim

Guggenheim restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note published on Monday,Benzinga reports.

IMVT has been the topic of a number of other reports. Bank of America dropped their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Finally, Jefferies Financial Group initiated coverage on shares of Immunovant in a report on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Immunovant presently has a consensus rating of “Buy” and an average price target of $43.55.

Immunovant Stock Performance

Shares of IMVT stock opened at $19.12 on Monday. Immunovant has a one year low of $17.65 and a one year high of $35.97. The company has a market capitalization of $3.25 billion, a price-to-earnings ratio of -7.30 and a beta of 0.68. The company’s 50-day moving average is $21.56 and its 200 day moving average is $26.26.

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

Insider Buying and Selling

In other news, CEO Peter Salzmann sold 5,105 shares of the stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the sale, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. This represents a 0.52 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Eva Renee Barnett sold 4,105 shares of the stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $98,930.50. Following the completion of the transaction, the chief financial officer now directly owns 327,064 shares of the company’s stock, valued at $7,882,242.40. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock valued at $813,686 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IMVT. FMR LLC boosted its stake in shares of Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after acquiring an additional 2,053,688 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in 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 purchasing an additional 1,786,217 shares during the last quarter. Deep Track Capital LP lifted its holdings in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after acquiring an additional 1,652,536 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in Immunovant by 405.3% in the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company’s stock valued at $28,568,000 after buying an additional 925,081 shares during the period. Finally, Two Seas Capital LP lifted its holdings in shares of Immunovant by 123.4% in the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock worth $37,443,000 after acquiring an additional 835,000 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.