Immunovant (NASDAQ:IMVT) Sets New 1-Year Low – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) shares reached a new 52-week low on Tuesday . The company traded as low as $24.61 and last traded at $24.65, with a volume of 469550 shares changing hands. The stock had previously closed at $25.51.

Analysts Set New Price Targets

A number of research firms have weighed in on IMVT. Oppenheimer lifted their price objective on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. UBS Group cut their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research note on Thursday, August 8th. Eleven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $48.10.

Immunovant Stock Performance

The stock has a market capitalization of $3.70 billion, a PE ratio of -11.41 and a beta of 0.66. The stock’s 50-day moving average is $29.33 and its 200 day moving average is $28.99.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the business posted ($0.45) EPS. Analysts expect that Immunovant, Inc. will post -2.7 earnings per share for the current year.

Insider Activity

In other news, insider William L. Macias sold 3,188 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total value of $91,782.52. Following the transaction, the insider now owns 365,144 shares of the company’s stock, valued at approximately $10,512,495.76. This trade represents a 0.87 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Eva Renee Barnett sold 5,162 shares of the firm’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the sale, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at approximately $10,009,429.84. The trade was a 1.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,277 shares of company stock worth $941,919 over the last ninety days. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. KBC Group NV lifted its position in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after purchasing an additional 612 shares during the last quarter. Quest Partners LLC increased its position in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after acquiring an additional 1,786 shares in the last quarter. Assetmark Inc. increased its position in shares of Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after acquiring an additional 1,228 shares in the last quarter. EntryPoint Capital LLC grew its position in Immunovant by 288.8% during the first quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock valued at $94,000 after purchasing an additional 2,163 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Immunovant during the second quarter valued at approximately $77,000. 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.