Immunovant (NASDAQ:IMVT) Reaches New 12-Month Low – Here’s Why

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

Analyst Upgrades and Downgrades

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

Immunovant Stock Down 0.6 %

The firm has a market cap of $3.45 billion, a P/E ratio of -10.58 and a beta of 0.66. The firm has a fifty day moving average of $27.19 and a 200-day moving average of $28.61.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the business earned ($0.45) earnings per share. Sell-side analysts anticipate that Immunovant, Inc. will post -2.73 EPS for the current year.

Insider Activity

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the company’s stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total value of $123,030.50. Following the sale, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Mark S. Levine sold 4,361 shares of the company’s stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $128,780.33. Following the sale, the insider now owns 322,878 shares in the company, valued at approximately $9,534,587.34. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 77,247 shares of company stock worth $2,034,425. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

A number of large investors have recently bought and sold shares of IMVT. Bank of New York Mellon Corp raised its position in Immunovant by 12.6% during the second quarter. Bank of New York Mellon Corp now owns 250,339 shares of the company’s stock valued at $6,609,000 after purchasing an additional 27,960 shares in the last quarter. Rhumbline Advisers boosted its stake in Immunovant by 9.7% during the 2nd quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock valued at $2,205,000 after purchasing an additional 7,363 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of Immunovant by 216.7% during the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after buying an additional 1,786 shares during the period. Headlands Technologies LLC bought a new position in Immunovant in the 2nd quarter worth $77,000. Finally, First Turn Management LLC raised its holdings in Immunovant by 35.6% during the second quarter. First Turn Management LLC now owns 695,428 shares of the company’s stock valued at $18,359,000 after acquiring an additional 182,535 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.