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

Immunovant, Inc. (NASDAQ:IMVT) shares hit a new 52-week low during mid-day trading on Friday . The company traded as low as $24.61 and last traded at $24.63, with a volume of 190313 shares trading hands. The stock had previously closed at $25.73.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Raymond James restated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wells Fargo & Company reduced their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Finally, Oppenheimer increased their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant currently has an average rating of “Buy” and a consensus price target of $47.22.

Immunovant Price Performance

The stock’s fifty day moving average price is $28.27 and its 200-day moving average price is $28.73. The firm has a market cap of $3.54 billion, a PE ratio of -10.86 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period last year, the business posted ($0.45) earnings per share. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 16,692 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the sale, the chief executive officer now directly owns 978,097 shares of the company’s stock, valued at $24,892,568.65. This represents a 1.68 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 5,162 shares of the company’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 completion of the sale, the chief financial officer now owns 338,614 shares of the company’s stock, valued at approximately $10,009,429.84. This trade represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 77,659 shares of company stock worth $2,096,890. Insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Several hedge funds have recently modified their holdings of IMVT. Victory Capital Management Inc. raised its position in Immunovant by 7.4% in the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after acquiring an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after buying an additional 91,259 shares during the period. Rubric Capital Management LP purchased a new position in Immunovant in the second quarter valued at about $1,548,000. First Turn Management LLC lifted its position in shares of Immunovant by 35.6% during the 2nd 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. Finally, State Street Corp boosted its stake in shares of Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.