Immunovant (NASDAQ:IMVT) PT Raised to $32.00

Immunovant (NASDAQ:IMVT – Get Rating) had its price target upped by Chardan Capital from $21.00 to $32.00 in a research note published on Monday, The Fly reports. Chardan Capital also issued estimates for Immunovant’s FY2024 earnings at ($1.53) EPS.

Several other research firms have also weighed in on IMVT. SVB Leerink raised their price objective on Immunovant from $14.00 to $21.00 and gave the company an outperform rating in a research note on Monday, February 6th. Piper Sandler initiated coverage on shares of Immunovant in a research note on Friday, March 31st. They issued an overweight rating and a $28.00 price objective for the company. Cantor Fitzgerald initiated coverage on shares of Immunovant in a research note on Wednesday, February 15th. They set an overweight rating and a $30.00 target price on the stock. Citigroup started coverage on shares of Immunovant in a research note on Tuesday, April 25th. They set a buy rating and a $28.00 target price on the stock. Finally, Stifel Nicolaus started coverage on Immunovant in a report on Wednesday, March 29th. They issued a buy rating and a $28.00 target price for the company. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $24.77.

Immunovant Stock Performance

Shares of IMVT opened at $21.07 on Monday. Immunovant has a 52 week low of $3.14 and a 52 week high of $24.18. The firm has a market cap of $2.75 billion, a P/E ratio of -12.32 and a beta of 0.97. The firm’s 50-day simple moving average is $17.05 and its 200 day simple moving average is $16.56.

Immunovant (NASDAQ:IMVT – Get Rating) last posted its quarterly earnings data on Monday, May 22nd. The company reported ($0.46) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05). As a group, equities analysts forecast that Immunovant will post -1.83 earnings per share for the current year.

Insider Activity at Immunovant

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

Institutional Investors Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of IMVT. Point72 Asset Management L.P. purchased a new stake in Immunovant in the 3rd quarter valued at $10,978,000. FMR LLC raised its position in Immunovant by 66.7% in the 1st quarter. FMR LLC now owns 4,146,969 shares of the company’s stock valued at $64,319,000 after buying an additional 1,658,836 shares during the last quarter. Federated Hermes Inc. raised its position in Immunovant by 281.2% in the 1st quarter. Federated Hermes Inc. now owns 1,903,894 shares of the company’s stock valued at $10,491,000 after buying an additional 1,404,404 shares during the last quarter. Cowen AND Company LLC purchased a new stake in Immunovant in the 4th quarter valued at $22,188,000. Finally, Perceptive Advisors LLC raised its position in Immunovant by 761.2% in the 1st quarter. Perceptive Advisors LLC now owns 1,291,858 shares of the company’s stock valued at $20,037,000 after buying an additional 1,141,858 shares during the last quarter. 32.77% of the stock is owned by hedge funds and other institutional investors.

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.