Immunovant (NASDAQ:IMVT – Get Free Report) had its target price decreased by investment analysts at JPMorgan Chase & Co. from $37.00 to $33.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 101.96% from the company’s previous close.
Several other analysts also recently issued reports on IMVT. HC Wainwright reissued a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a research note on Thursday, September 4th. UBS Group increased their price target on Immunovant from $17.00 to $18.00 and gave the stock a “neutral” rating in a report on Monday, July 28th. Citigroup restated a “buy” rating on shares of Immunovant in a report on Monday, August 11th. The Goldman Sachs Group raised Immunovant to a “hold” rating and set a $18.00 price objective on the stock in a research report on Thursday, July 10th. Finally, Bank of America decreased their target price on Immunovant from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Immunovant presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.20.
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Immunovant Stock Up 1.4%
Shares of IMVT opened at $16.34 on Tuesday. The business has a fifty day moving average of $15.74 and a 200 day moving average of $15.87. The company has a market cap of $2.85 billion, a PE ratio of -5.73 and a beta of 0.48. Immunovant has a 52-week low of $12.72 and a 52-week high of $32.10.
Immunovant (NASDAQ:IMVT – Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the previous year, the company posted ($0.60) earnings per share. As a group, research analysts anticipate that Immunovant will post -2.69 earnings per share for the current fiscal year.
Insider Buying and Selling at Immunovant
In other news, insider Michael Geffner sold 2,385 shares of the firm’s stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the transaction, the insider owned 221,825 shares in the company, valued at approximately $4,026,123.75. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 2,805 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the sale, the chief technology officer directly owned 204,919 shares of the company’s stock, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,869 shares of company stock valued at $140,384 over the last quarter. Company insiders own 1.80% of the company’s stock.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in Immunovant by 3.9% in the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company’s stock worth $118,551,000 after purchasing an additional 257,445 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its position in shares of Immunovant by 15.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company’s stock worth $100,743,000 after purchasing an additional 777,590 shares in the last quarter. Baker BROS. Advisors LP grew its stake in Immunovant by 219.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company’s stock worth $93,275,000 after buying an additional 3,750,000 shares during the last quarter. Alpine Global Management LLC grew its stake in Immunovant by 21.7% during the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company’s stock worth $44,890,000 after buying an additional 467,788 shares during the last quarter. Finally, Two Seas Capital LP increased its position in Immunovant by 37.1% during the 2nd quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock valued at $36,044,000 after buying an additional 610,000 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.
About Immunovant
(Get Free Report)
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.
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