Immunovant (NASDAQ:IMVT) Shares Gap Down – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT) shares gapped down before the market opened on Wednesday . The stock had previously closed at $13.31, but opened at $12.77. Immunovant shares last traded at $12.94, with a volume of 193,169 shares trading hands.

Analysts Set New Price Targets

IMVT has been the subject of a number of analyst reports. 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. Bank of America cut their target price on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Wells Fargo & Company decreased their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Finally, Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Immunovant presently has a consensus rating of “Buy” and a consensus price target of $41.00.

Immunovant Price Performance

The company has a market capitalization of $2.20 billion, a P/E ratio of -4.94 and a beta of 0.81. The business has a 50-day moving average of $19.10 and a 200-day moving average of $24.42.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Sell-side analysts predict that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares of the company’s stock, valued at $1,801,494.80. The trade was a 8.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Michael Geffner sold 2,657 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $62,678.63. Following the completion of the sale, the insider now directly owns 132,314 shares of the company’s stock, valued at approximately $3,121,287.26. This trade represents a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 26,300 shares of company stock worth $591,725. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Institutional investors have recently bought and sold shares of the business. FMR LLC lifted its holdings in Immunovant by 4.5% during the fourth quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after buying an additional 560,344 shares during the period. Vanguard Group Inc. boosted its position in Immunovant by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after purchasing an additional 20,614 shares in the last quarter. Deep Track Capital LP grew its stake in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. raised its holdings in Immunovant by 53.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after purchasing an additional 1,786,217 shares in the last quarter. Finally, State Street Corp lifted its position in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the last quarter. 47.08% of the stock is 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.