Immunovant (NASDAQ:IMVT) Trading Down 5.3% – What’s Next?

Shares of Immunovant, Inc. (NASDAQ:IMVT) dropped 5.3% during trading on Tuesday . The company traded as low as $16.22 and last traded at $16.18. Approximately 990,905 shares were traded during trading, a decline of 33% from the average daily volume of 1,484,908 shares. The stock had previously closed at $17.09.

Analyst Ratings Changes

IMVT has been the subject of a number of research reports. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. Wells Fargo & Company dropped their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Bank of America cut their target price on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Finally, Jefferies Financial Group assumed coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Immunovant currently has an average rating of “Buy” and a consensus target price of $41.00.

Immunovant Price Performance

The business’s 50-day moving average price is $19.93 and its two-hundred day moving average price is $24.94. The firm has a market cap of $2.68 billion, a price-to-earnings ratio of -6.02 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Equities analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now owns 91,913 shares of the company’s stock, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Peter Salzmann sold 5,105 shares of the business’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $123,030.50. Following the completion of the sale, the chief executive officer now owns 972,992 shares of the company’s stock, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,510 shares of company stock worth $813,686. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently modified their holdings of the business. GF Fund Management CO. LTD. acquired a new stake in Immunovant in the fourth quarter worth $76,000. KBC Group NV grew its position in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after acquiring an additional 1,163 shares during the last quarter. Ameriprise Financial Inc. bought a new position in shares of Immunovant during the fourth quarter worth about $221,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Immunovant in the 4th quarter worth about $268,000. Finally, Aigen Investment Management LP bought a new stake in Immunovant in the 4th quarter valued at about $270,000. 47.08% of the stock is owned by institutional investors and hedge funds.

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.