Immunovant (NASDAQ:IMVT) PT Raised to $32.00

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

Several other equities analysts have also recently issued reports on IMVT. SVB Leerink boosted their price target on Immunovant from $14.00 to $21.00 and gave the company an outperform rating in a research report on Monday, February 6th. Cantor Fitzgerald initiated coverage on Immunovant in a research report on Wednesday, February 15th. They issued an overweight rating and a $30.00 price target on the stock. HC Wainwright boosted their price target on Immunovant from $21.00 to $26.00 in a research report on Monday, March 20th. Stifel Nicolaus initiated coverage on Immunovant in a research report on Wednesday, March 29th. They issued a buy rating and a $28.00 price target on the stock. Finally, Citigroup assumed coverage on Immunovant in a research report on Tuesday, April 25th. They issued a buy rating and a $28.00 price target on the stock. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of Moderate Buy and a consensus target price of $24.77.

Immunovant Stock Performance

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

Immunovant (NASDAQ:IMVT – Get Rating) last posted its earnings results on Monday, May 22nd. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.05). On average, equities research analysts forecast that Immunovant will post -1.83 EPS for the current fiscal year.

Insider Activity at Immunovant

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

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IMVT. Barclays PLC acquired a new position in Immunovant in the third quarter valued at $33,000. Ensign Peak Advisors Inc lifted its stake in shares of Immunovant by 72.6% in the third quarter. Ensign Peak Advisors Inc now owns 6,350 shares of the company’s stock worth $35,000 after acquiring an additional 2,670 shares in the last quarter. UBS Group AG lifted its stake in shares of Immunovant by 205.7% in the third quarter. UBS Group AG now owns 6,978 shares of the company’s stock worth $39,000 after acquiring an additional 4,695 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in Immunovant by 20.8% in the third quarter. Nisa Investment Advisors LLC now owns 5,800 shares of the company’s stock valued at $59,000 after buying an additional 1,000 shares during the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Immunovant by 17.6% in the second quarter. Principal Financial Group Inc. now owns 15,327 shares of the company’s stock valued at $60,000 after buying an additional 2,293 shares during the last quarter. 32.77% of the stock is owned by hedge funds and other institutional investors.

Immunovant Company Profile

(Get Rating)

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.