Immunovant (NASDAQ:IMVT) Hits New 1-Year Low – Time to Sell?

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

Wall Street Analyst Weigh In

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

Immunovant Stock Down 3.2 %

The business has a 50 day moving average price of $27.43 and a 200 day moving average price of $28.68. The stock has a market cap of $3.50 billion, a P/E ratio of -10.75 and a beta of 0.66.

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

Insider Buying and Selling

In related news, insider Mark S. Levine sold 3,650 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $92,892.50. Following the completion of the sale, the insider now directly owns 319,228 shares of the company’s stock, valued at $8,124,352.60. This represents a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 4,174 shares of the firm’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $106,228.30. Following the transaction, the chief financial officer now directly owns 331,169 shares in the company, valued at $8,428,251.05. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 68,037 shares of company stock valued at $1,812,464 in the last 90 days. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted 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 grew its holdings in Immunovant by 9.7% in the second quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock worth $2,205,000 after purchasing an additional 7,363 shares during the last quarter. Quest Partners LLC increased its position in shares of Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after purchasing an additional 1,786 shares in the last quarter. Headlands Technologies LLC acquired a new position in Immunovant during the 2nd quarter valued at about $77,000. Finally, First Turn Management LLC increased its stake in 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 purchasing an additional 182,535 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.