Guggenheim Raises Immunovant (NASDAQ:IMVT) Price Target to $32.00

Immunovant (NASDAQ:IMVT – Get Rating) had its target price boosted by Guggenheim from $30.00 to $32.00 in a research report report published on Tuesday morning, The Fly reports.

A number of other equities analysts have also recently issued reports on the company. SVB Leerink upped their target price on Immunovant from $14.00 to $21.00 and gave the stock an outperform rating in a report on Monday, February 6th. Piper Sandler assumed coverage on Immunovant in a research note on Friday, March 31st. They issued an overweight rating and a $28.00 price target for the company. Cantor Fitzgerald assumed coverage on Immunovant in a research note on Wednesday, February 15th. They issued an overweight rating and a $30.00 price target for the company. HC Wainwright increased their price target on Immunovant from $26.00 to $27.00 in a research note on Tuesday. Finally, Citigroup assumed coverage on Immunovant in a research note on Tuesday, April 25th. They issued a buy rating and a $28.00 price target for the company. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $24.77.

Immunovant Stock Performance

NASDAQ:IMVT opened at $21.07 on Tuesday. The stock has a fifty day moving average price of $17.05 and a 200-day moving average price of $16.56. The company has a market cap of $2.75 billion, a price-to-earnings ratio of -12.32 and a beta of 0.97. Immunovant has a fifty-two week low of $3.14 and a fifty-two week high of $24.18.

Immunovant (NASDAQ:IMVT – Get Rating) last posted its quarterly 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). Research analysts predict that Immunovant will post -1.83 EPS for the current fiscal year.

Insider Activity at Immunovant

In related news, CFO Eva Renee Barnett sold 3,423 shares of the company’s 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 sale, the chief financial officer now owns 352,588 shares in the company, valued at approximately $5,384,018.76. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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. Also, CEO Peter Salzmann sold 3,395 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 $51,841.65. Following the completion of the transaction, the chief executive officer now owns 1,234,369 shares in the company, valued at approximately $18,848,814.63. The disclosure for this sale can be found here. Insiders have sold a total of 8,871 shares of company stock worth $135,979 in the last 90 days. Corporate insiders own 3.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Amundi purchased a new position in shares of Immunovant during the fourth quarter valued at approximately $64,000. Denali Advisors LLC purchased a new position in shares of Immunovant during the fourth quarter valued at approximately $69,000. Nisa Investment Advisors LLC boosted its position in shares of Immunovant by 20.8% during 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. Amalgamated Bank boosted its position in shares of Immunovant by 15.0% during the fourth quarter. Amalgamated Bank now owns 5,844 shares of the company’s stock valued at $104,000 after buying an additional 764 shares during the last quarter. Finally, Barclays PLC purchased a new position in shares of Immunovant during the third quarter valued at approximately $33,000. Institutional investors own 32.77% of the company’s stock.

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.