Immunovant (NASDAQ:IMVT) Sets New 1-Year Low – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $24.61 and last traded at $24.65, with a volume of 469550 shares trading hands. The stock had previously closed at $25.51.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IMVT. UBS Group reduced their price objective on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Finally, HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant has a consensus rating of “Buy” and a consensus target price of $48.10.

Immunovant Trading Down 1.1 %

The firm has a market capitalization of $3.70 billion, a P/E ratio of -11.41 and a beta of 0.66. The business has a 50 day moving average of $29.33 and a 200-day moving average of $28.99.

Immunovant (NASDAQ:IMVT) last released 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 quarter last year, the company earned ($0.45) EPS. On average, analysts anticipate that Immunovant, Inc. will post -2.7 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction on Wednesday, October 9th. The stock was 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of Immunovant stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the sale, the chief executive officer now directly owns 1,003,884 shares of the company’s stock, valued at $29,674,811.04. This represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,277 shares of company stock valued at $941,919 in the last quarter. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IMVT. FMR LLC grew its position in Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after acquiring an additional 2,053,688 shares during the last quarter. Armistice Capital LLC grew its position in Immunovant by 57.0% in the second quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after acquiring an additional 1,232,909 shares during the last quarter. Baker BROS. Advisors LP grew its position in Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after acquiring an additional 760,692 shares during the last quarter. Vanguard Group Inc. grew its position in Immunovant by 11.2% in the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock valued at $209,314,000 after acquiring an additional 650,506 shares during the last quarter. Finally, Alpine Global Management LLC grew its position in Immunovant by 34.6% in the first quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after acquiring an additional 484,332 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

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.