Wells Fargo & Company Cuts Immunovant (NASDAQ:IMVT) Price Target to $45.00

Immunovant (NASDAQ:IMVT) had its price objective lowered by Wells Fargo & Company from $47.00 to $45.00 in a report published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the company. Raymond James restated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. HC Wainwright reissued a “buy” rating and issued a $51.00 target price on shares of Immunovant in a report on Friday, November 8th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, Oppenheimer raised their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant has a consensus rating of “Buy” and an average price target of $47.22.

Immunovant Stock Performance

NASDAQ:IMVT opened at $25.86 on Thursday. Immunovant has a fifty-two week low of $24.61 and a fifty-two week high of $45.58. The company has a market cap of $3.80 billion, a price-to-earnings ratio of -11.65 and a beta of 0.64. The stock has a fifty day moving average price of $28.53 and a 200-day moving average price of $28.74.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the previous year, the business posted ($0.45) EPS. Research analysts predict that Immunovant will post -2.73 EPS for the current fiscal year.

Insider Activity

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the firm’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the transaction, the chief financial officer now owns 338,614 shares in the company, valued at approximately $10,009,429.84. This trade represents a 1.50 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mark S. Levine sold 3,650 shares of the business’s 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 $92,892.50. Following the completion of the transaction, the insider now owns 319,228 shares in the company, valued at $8,124,352.60. This trade represents a 1.13 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,659 shares of company stock valued at $2,096,890. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. EFG Asset Management North America Corp. increased its holdings in Immunovant by 23.4% in the second quarter. EFG Asset Management North America Corp. now owns 58,070 shares of the company’s stock worth $1,531,000 after purchasing an additional 11,000 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Immunovant by 12.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 250,339 shares of the company’s stock valued at $6,609,000 after acquiring an additional 27,960 shares during the period. Rhumbline Advisers boosted its stake in Immunovant by 9.7% during the second quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock worth $2,205,000 after acquiring an additional 7,363 shares in the last quarter. Quest Partners LLC grew its holdings in Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after purchasing an additional 1,786 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in Immunovant in the second quarter worth $77,000. Institutional investors and hedge funds 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.