Immunovant (NASDAQ:IMVT) Shares Down 5% After Earnings Miss

Immunovant, Inc. (NASDAQ:IMVT) traded down 5% on Thursday following a dissappointing earnings announcement. The stock traded as low as $21.71 and last traded at $21.38. 72,100 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,153,443 shares. The stock had previously closed at $22.51.

The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08).

Analyst Upgrades and Downgrades

IMVT has been the subject of several analyst reports. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. HC Wainwright reiterated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. Bank of America lowered their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $47.00.

Insider Transactions at Immunovant

In related news, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total value of $51,780.05. Following the transaction, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William L. Macias sold 2,383 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the completion of the sale, the insider now owns 359,408 shares in the company, valued at $8,564,692.64. The trade was a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,892 shares of company stock worth $1,811,857. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of IMVT. FMR LLC raised its stake in Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares during the last quarter. State Street Corp raised its position in shares of Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Immunovant by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after purchasing an additional 96,924 shares during the period. Baker BROS. Advisors LP boosted its position in shares of Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Finally, Principal Financial Group Inc. grew its stake in Immunovant by 69.9% during the third 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. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Price Performance

The stock has a fifty day simple moving average of $25.08 and a two-hundred day simple moving average of $27.89. The firm has a market capitalization of $3.66 billion, a P/E ratio of -9.73 and a beta of 0.65.

Immunovant Company Profile

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.