Immunovant (NASDAQ:IMVT) Sets New 12-Month Low – What’s Next?

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low on Monday . The stock traded as low as $13.59 and last traded at $13.74, with a volume of 84038 shares traded. The stock had previously closed at $14.58.

Analyst Upgrades and Downgrades

Several brokerages have commented on IMVT. HC Wainwright reiterated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Wednesday, March 19th. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Wells Fargo & Company decreased their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Jefferies Financial Group assumed coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Finally, Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $41.00.

Immunovant Stock Down 3.8 %

The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -5.38 and a beta of 0.81. The firm has a fifty day moving average of $19.60 and a 200-day moving average of $24.71.

Immunovant (NASDAQ:IMVT) last issued 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). As a group, research analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, Director Andrew J. Fromkin sold 8,000 shares of the company’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 approximately $1,801,494.80. This represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Sciences Ltd. Roivant bought 16,845,010 shares of the company’s stock in a transaction that occurred on Monday, January 13th. The stock was acquired at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the purchase, the director now directly owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. The trade was a 21.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 35,510 shares of company stock valued at $813,686 over the last three months. 5.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently bought and sold shares of IMVT. GF Fund Management CO. LTD. acquired a new position in shares of Immunovant during the 4th quarter valued at $76,000. KBC Group NV lifted its stake 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 purchasing an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Immunovant in the fourth quarter valued at about $221,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Immunovant during the 4th quarter valued at about $268,000. Finally, Aigen Investment Management LP acquired a new position in Immunovant during the 4th quarter worth approximately $270,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.