Immunovant (NASDAQ:IMVT) Given Buy Rating at HC Wainwright

HC Wainwright restated their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note issued to investors on Wednesday,Benzinga reports. HC Wainwright currently has a $51.00 price objective on the stock.

Several other equities research analysts have also recently commented on IMVT. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Wells Fargo & Company cut their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Bank of America cut their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Finally, Guggenheim reiterated a “buy” rating on shares of Immunovant in a report on Monday, March 10th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $42.90.

Immunovant Price Performance

NASDAQ IMVT opened at $18.88 on Wednesday. The business has a 50 day simple moving average of $21.02 and a 200 day simple moving average of $25.83. Immunovant has a one year low of $17.01 and a one year high of $35.97. The stock has a market capitalization of $3.21 billion, a P/E ratio of -7.21 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last released 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). Equities analysts expect that Immunovant will post -2.69 earnings per share for the current year.

Insider Activity

In related news, CEO Peter Salzmann sold 5,105 shares of the stock in a transaction that occurred 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 directly owns 972,992 shares of the company’s stock, valued at approximately $23,449,107.20. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Sciences Ltd. Roivant purchased 16,845,010 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were acquired at an average cost of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the transaction, the director now directly owns 96,650,341 shares of the company’s stock, valued at $1,933,006,820. The trade was a 21.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 35,510 shares of company stock worth $813,686 over the last 90 days. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Institutional investors and hedge funds have recently modified their holdings of the business. KBC Group NV increased its position in shares of Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after acquiring an additional 612 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Immunovant in the fourth quarter worth $76,000. Ameriprise Financial Inc. purchased a new stake in Immunovant in the fourth quarter worth $221,000. KLP Kapitalforvaltning AS purchased a new stake in Immunovant in the fourth quarter worth $268,000. Finally, Aigen Investment Management LP purchased a new stake in Immunovant in the fourth quarter worth $270,000. 47.08% of the stock is owned by hedge funds and other 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.