Immunovant’s (IMVT) “Overweight” Rating Reiterated at Cantor Fitzgerald

Cantor Fitzgerald restated their overweight rating on shares of Immunovant (NASDAQ:IMVT) in a research report report published on Monday morning, Benzinga reports.

A number of other equities analysts also recently issued reports on IMVT. UBS Group lowered their price target on Immunovant from $42.00 to $41.00 and set a buy rating on the stock in a research report on Tuesday, August 13th. Oppenheimer lowered their price target on Immunovant from $50.00 to $46.00 and set an outperform rating on the stock in a research report on Monday, June 3rd. JPMorgan Chase & Co. lowered their price target on Immunovant from $51.00 to $46.00 and set an overweight rating on the stock in a research report on Thursday, August 8th. Finally, HC Wainwright reiterated a buy rating and set a $51.00 price target on shares of Immunovant in a research report on Thursday, May 30th. Fifteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of Buy and a consensus target price of $48.40.

Immunovant Stock Down 2.3 %

Shares of IMVT opened at $29.05 on Monday. Immunovant has a 52 week low of $19.50 and a 52 week high of $45.58. The company has a market capitalization of $4.25 billion, a price-to-earnings ratio of -15.29 and a beta of 0.67. The stock’s 50-day moving average price is $29.79 and its 200-day moving average price is $29.66.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07). During the same period in the prior year, the firm posted ($0.57) earnings per share. As a group, equities analysts anticipate that Immunovant will post -2.43 EPS for the current fiscal year.

Insider Activity at Immunovant

In related news, CEO Peter Salzmann sold 4,619 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $129,609.14. Following the completion of the sale, the chief executive officer now owns 1,032,097 shares of the company’s stock, valued at $28,960,641.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Peter Salzmann sold 4,619 shares of the stock in a transaction that occurred on Tuesday, July 9th. The stock was sold at an average price of $28.06, for a total value of $129,609.14. Following the completion of the sale, the chief executive officer now owns 1,032,097 shares of the company’s stock, valued at $28,960,641.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 4,747 shares of the stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $28.06, for a total value of $133,200.82. Following the completion of the sale, the chief financial officer now directly owns 350,667 shares of the company’s stock, valued at approximately $9,839,716.02. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,475 shares of company stock valued at $904,638. 5.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Boxer Capital LLC increased its stake in Immunovant by 33.3% during the fourth quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock worth $42,130,000 after acquiring an additional 250,000 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Immunovant by 198.0% during the second quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock worth $8,224,000 after acquiring an additional 207,003 shares during the last quarter. ADAR1 Capital Management LLC acquired a new stake in Immunovant during the fourth quarter worth $5,651,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Immunovant by 98.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 71,788 shares of the company’s stock worth $2,319,000 after acquiring an additional 35,589 shares during the last quarter. Finally, Principal Financial Group Inc. increased its stake in Immunovant by 34.6% during the fourth quarter. Principal Financial Group Inc. now owns 440,115 shares of the company’s stock worth $18,542,000 after acquiring an additional 113,040 shares during the last quarter. Institutional investors and hedge funds 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.