Immunovant (NASDAQ:IMVT) Sets New 1-Year Low Following Weak Earnings

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during trading on Monday following a weaker than expected earnings announcement. The company traded as low as $19.82 and last traded at $19.60, with a volume of 702620 shares trading hands. The stock had previously closed at $20.41.

The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08).

Wall Street Analysts Forecast Growth

IMVT has been the topic of several research reports. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. Guggenheim lowered their target price on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a report on Friday. Wells Fargo & Company decreased their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Bank of America lowered their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $46.73.

Insiders Place Their Bets

In related news, CFO Eva Renee Barnett sold 4,174 shares of the stock in a transaction on 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 owns 331,169 shares of the company’s stock, valued at approximately $8,428,251.05. This trade represents a 1.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 72,892 shares of company stock valued at $1,811,857 over the last 90 days. Insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Institutional investors have recently made changes to their positions in the stock. KBC Group NV boosted its position in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after buying an additional 612 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after acquiring an additional 934 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after acquiring an additional 1,188 shares during the period. Swiss National Bank boosted its position in shares of Immunovant by 1.2% during the fourth quarter. Swiss National Bank now owns 100,800 shares of the company’s stock valued at $2,497,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Assetmark Inc. grew its stake in Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock worth $82,000 after purchasing an additional 1,228 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Stock Down 3.7 %

The firm has a market cap of $3.34 billion, a P/E ratio of -7.50 and a beta of 0.65. The business has a fifty day simple moving average of $24.75 and a 200-day simple moving average of $27.79.

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.