Immunovant (NASDAQ:IMVT) Sets New 12-Month Low – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT)’s stock price hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $23.88 and last traded at $23.95, with a volume of 107046 shares traded. The stock had previously closed at $24.64.

Analysts Set New Price Targets

Several research firms recently weighed in on IMVT. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. Finally, Raymond James reaffirmed an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. One research analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and an average target price of $47.22.

Immunovant Trading Down 3.2 %

The company has a market capitalization of $3.50 billion, a PE ratio of -10.75 and a beta of 0.66. The business’s fifty day moving average is $27.43 and its two-hundred day moving average is $28.68.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the previous year, the firm posted ($0.45) earnings per share. As a group, equities research analysts anticipate that Immunovant, Inc. will post -2.73 EPS for the current year.

Insider Transactions at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $424,811.40. Following the completion of the sale, the chief executive officer now owns 978,097 shares of the company’s stock, valued at approximately $24,892,568.65. The trade was a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Eva Renee Barnett sold 3,271 shares of the company’s stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total value of $94,172.09. Following the completion of the sale, the chief financial officer now owns 335,343 shares of the company’s stock, valued at approximately $9,654,524.97. The trade was a 0.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,037 shares of company stock worth $1,812,464 over the last three months. 5.90% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its position in shares of Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after acquiring an additional 2,053,688 shares in the last quarter. Armistice Capital LLC raised its stake in Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after purchasing an additional 1,232,909 shares during the period. Baker BROS. Advisors LP lifted its holdings in Immunovant by 163.7% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the period. Finally, State Street Corp grew its holdings in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.