Fintel reports that on September 27, 2023, Raymond James upgraded their outlook for Immunovant (NASDAQ:IMVT) from Market Perform to Outperform.

Analyst Price Forecast Suggests 23.64% Downside

As of August 31, 2023, the average one-year price target for Immunovant is 30.52. The forecasts range from a low of 18.18 to a high of $35.70. The average price target represents a decrease of 23.64% from its latest reported closing price of 39.96.

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The projected annual revenue for Immunovant is 0MM. The projected annual non-GAAP EPS is -1.72.

What is the Fund Sentiment?

There are 327 funds or institutions reporting positions in Immunovant. This is an increase of 14 owner(s) or 4.47% in the last quarter. Average portfolio weight of all funds dedicated to IMVT is 0.16%, a decrease of 2.07%. Total shares owned by institutions decreased in the last three months by 5.42% to 58,832K shares. The put/call ratio of IMVT is 1.43, indicating a bearish outlook.

What are Other Shareholders Doing?

Deep Track Capital holds 5,421K shares representing 4.15% ownership of the company. In it’s prior filing, the firm reported owning 7,433K shares, representing a decrease of 37.10%. The firm increased its portfolio allocation in IMVT by 0.55% over the last quarter.

Perceptive Advisors holds 2,524K shares representing 1.93% ownership of the company. In it’s prior filing, the firm reported owning 1,292K shares, representing an increase of 48.81%. The firm increased its portfolio allocation in IMVT by 134.25% over the last quarter.

Logos Global Management holds 2,250K shares representing 1.72% ownership of the company. In it’s prior filing, the firm reported owning 2,500K shares, representing a decrease of 11.11%. The firm increased its portfolio allocation in IMVT by 4.61% over the last quarter.

XBI – SPDR(R) S&P(R) Biotech ETF holds 2,172K shares representing 1.66% ownership of the company. In it’s prior filing, the firm reported owning 3,042K shares, representing a decrease of 40.06%. The firm decreased its portfolio allocation in IMVT by 13.08% over the last quarter.

Avidity Partners Management holds 2,085K shares representing 1.60% ownership of the company. In it’s prior filing, the firm reported owning 1,043K shares, representing an increase of 49.98%. The firm increased its portfolio allocation in IMVT by 157.27% over the last quarter.

Immunovant Background Information
(This description is provided by the company.)

Immunovant is a clinical-stage biopharmaceutical company focused on enabling normal lives for patients with autoimmune diseases. Immunovant is developing IMVT-1401, a novel, fully human anti-FcRn monoclonal antibody, as a subcutaneous injection for the treatment of autoimmune diseases mediated by pathogenic IgG antibodies.

This article originally appeared on Fintel

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