Brokerages Set Immunovant, Inc. (NASDAQ:IMVT) Target Price at $24.77

Shares of Immunovant, Inc. (NASDAQ:IMVT – Get Rating) have been given a consensus recommendation of “Moderate Buy” by the thirteen brokerages that are currently covering the firm, Marketbeat.com reports. One investment analyst has rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have covered the stock in the last year is $24.77.

A number of equities research analysts have recently weighed in on the company. SVB Leerink boosted their price target on Immunovant from $14.00 to $21.00 and gave the stock an “outperform” rating in a research note on Monday, February 6th. Citigroup initiated coverage on Immunovant in a research note on Tuesday, April 25th. They set a “buy” rating and a $28.00 price target on the stock. Cantor Fitzgerald initiated coverage on Immunovant in a research report on Wednesday, February 15th. They issued an “overweight” rating and a $30.00 target price on the stock. Chardan Capital upped their target price on Immunovant from $21.00 to $32.00 in a research report on Monday, May 22nd. Finally, Bank of America upped their target price on Immunovant from $26.00 to $28.00 in a research report on Tuesday.

Insider Buying and Selling at Immunovant

In other news, CEO Peter Salzmann sold 3,395 shares of the company’s stock in a transaction that occurred on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total transaction of $51,841.65. Following the completion of the transaction, the chief executive officer now directly owns 1,234,369 shares of the company’s stock, valued at approximately $18,848,814.63. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Eva Renee Barnett sold 3,423 shares of the company’s stock in a transaction that occurred on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total transaction of $52,269.21. Following the completion of the transaction, the chief financial officer now directly owns 352,588 shares of the company’s stock, valued at approximately $5,384,018.76. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Peter Salzmann sold 3,395 shares of the company’s stock in a transaction that occurred on Tuesday, April 18th. The stock was sold at an average price of $15.27, for a total value of $51,841.65. Following the transaction, the chief executive officer now directly owns 1,234,369 shares of the company’s stock, valued at $18,848,814.63. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 8,871 shares of company stock valued at $135,979. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Prudential Financial Inc. purchased a new stake in shares of Immunovant during the third quarter worth approximately $650,000. Concorde Asset Management LLC purchased a new stake in shares of Immunovant during the fourth quarter worth approximately $297,000. Hennion & Walsh Asset Management Inc. increased its position in shares of Immunovant by 10.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 253,636 shares of the company’s stock worth $4,502,000 after purchasing an additional 23,961 shares in the last quarter. Cantor Fitzgerald L. P. purchased a new stake in shares of Immunovant during the third quarter worth approximately $527,000. Finally, Sigma Planning Corp purchased a new stake in shares of Immunovant during the fourth quarter worth approximately $983,000. 32.77% of the stock is owned by institutional investors and hedge funds.

Immunovant Price Performance

Shares of IMVT stock opened at $21.05 on Wednesday. The company has a market cap of $2.75 billion, a P/E ratio of -12.31 and a beta of 0.97. The stock’s 50-day moving average is $17.16 and its 200 day moving average is $16.62. Immunovant has a 1-year low of $3.14 and a 1-year high of $24.18.

Immunovant (NASDAQ:IMVT – Get Rating) last issued its quarterly earnings results on Monday, May 22nd. The company reported ($0.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05). On average, analysts anticipate that Immunovant will post -1.76 EPS for the current year.

About Immunovant

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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 selectively binds to and inhibits the neonatal fragment crystallizable receptor, which is in Phase IIa clinical trials for the treatment of myasthenia gravis and thyroid eye disease, as well as completed initiation of Phase II clinical trials for the treatment of warm autoimmune hemolytic anemia.