Immunovant (NASDAQ:IMVT) Shares Gap Down – Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $13.31, but opened at $12.77. Immunovant shares last traded at $12.94, with a volume of 193,169 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IMVT. 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 reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Jefferies Financial Group started coverage on Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target on the stock. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Finally, Bank of America dropped their target price on Immunovant from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. One 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 company. According to MarketBeat.com, Immunovant currently has a consensus rating of “Buy” and a consensus target price of $41.00.

Immunovant Price Performance

The firm has a 50-day moving average of $19.10 and a 200 day moving average of $24.42. The company has a market capitalization of $2.20 billion, a PE ratio of -4.94 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results 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 expect that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Transactions at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the transaction, the director now directly owns 91,913 shares of the company’s stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider William L. Macias sold 2,383 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $56,786.89. Following the sale, the insider now directly owns 359,408 shares of the company’s stock, valued at $8,564,692.64. The trade was a 0.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,300 shares of company stock worth $591,725 in the last ninety days. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. KBC Group NV raised its holdings in Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Rhumbline Advisers raised its stake in shares of Immunovant by 1.5% in the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after buying an additional 1,188 shares during the period. Swiss National Bank lifted its position in shares of Immunovant by 1.2% during the 4th quarter. Swiss National Bank now owns 100,800 shares of the company’s stock valued at $2,497,000 after buying an additional 1,200 shares in the last quarter. Tyro Capital Management LLC grew its stake in shares of Immunovant by 0.6% during the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock valued at $7,189,000 after acquiring an additional 1,529 shares during the period. Finally, Sei Investments Co. increased its holdings in Immunovant by 4.0% in the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company’s stock worth $1,002,000 after acquiring an additional 1,541 shares in the last quarter. Hedge funds and other institutional investors 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.