Immunovant (NASDAQ:IMVT) Earns Buy Rating from Truist Financial

Truist Financial reissued their buy rating on shares of Immunovant (NASDAQ:IMVT) in a research note released on Monday morning, Benzinga reports. They currently have a $48.00 price target on the stock.

IMVT has been the topic of several other research reports. Deutsche Bank Aktiengesellschaft began coverage on Immunovant in a research report on Tuesday, December 12th. They issued a buy rating and a $50.00 target price on the stock. HC Wainwright upped their target price on Immunovant from $47.00 to $51.00 and gave the stock a buy rating in a research note on Thursday, December 21st. The Goldman Sachs Group started coverage on Immunovant in a research note on Wednesday, March 13th. They set a buy rating and a $50.00 target price for the company. Bank of America upped their target price on Immunovant from $49.00 to $51.00 and gave the stock a buy rating in a research note on Thursday, December 21st. Finally, Wolfe Research began coverage on Immunovant in a research note on Thursday, February 15th. They issued an outperform rating and a $55.00 price target for the company. Sixteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of Buy and a consensus price target of $47.88.

Immunovant Stock Performance

IMVT opened at $32.52 on Monday. Immunovant has a 52-week low of $14.05 and a 52-week high of $45.58. The firm has a market capitalization of $4.72 billion, a PE ratio of -17.67 and a beta of 0.67. The business’s 50-day simple moving average is $35.56 and its 200 day simple moving average is $35.69.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, February 12th. The company reported ($0.36) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. On average, research analysts forecast that Immunovant will post -1.71 earnings per share for the current year.

Insider Activity at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 3,824 shares of Immunovant stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $38.59, for a total transaction of $147,568.16. Following the transaction, the chief executive officer now owns 944,685 shares of the company’s stock, valued at approximately $36,455,394.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Immunovant news, CEO Peter Salzmann sold 3,824 shares of Immunovant stock in a transaction that occurred on Friday, January 5th. The shares were sold at an average price of $38.59, for a total transaction of $147,568.16. Following the transaction, the chief executive officer now owns 944,685 shares of the company’s stock, valued at approximately $36,455,394.15. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Eva Renee Barnett sold 3,515 shares of Immunovant stock in a transaction that occurred on Thursday, January 11th. The stock was sold at an average price of $41.83, for a total transaction of $147,032.45. Following the transaction, the chief financial officer now directly owns 323,350 shares in the company, valued at approximately $13,525,730.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 17,151 shares of company stock valued at $659,896. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Several large investors have recently modified their holdings of the stock. State Board of Administration of Florida Retirement System increased its stake in shares of Immunovant by 3.0% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the company’s stock worth $606,000 after purchasing an additional 460 shares during the last quarter. Rhumbline Advisers grew its stake in Immunovant by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 72,198 shares of the company’s stock valued at $1,370,000 after buying an additional 550 shares in the last quarter. Alps Advisors Inc. grew its stake in Immunovant by 0.6% in the 3rd quarter. Alps Advisors Inc. now owns 96,434 shares of the company’s stock valued at $3,702,000 after buying an additional 578 shares in the last quarter. Metropolitan Life Insurance Co NY grew its stake in Immunovant by 24.7% in the 2nd quarter. Metropolitan Life Insurance Co NY now owns 2,951 shares of the company’s stock valued at $56,000 after buying an additional 585 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Immunovant in the 4th quarter valued at approximately $27,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Immunovant

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.