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

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during trading on Wednesday . The stock traded as low as $17.01 and last traded at $20.10, with a volume of 2859670 shares. The stock had previously closed at $18.79.

Wall Street Analyst Weigh In

IMVT has been the subject of several research analyst reports. Wells Fargo & Company reduced their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Jefferies Financial Group began coverage on shares of Immunovant in a research report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Guggenheim reiterated a “buy” rating on shares of Immunovant in a report on Monday, March 10th. HC Wainwright reissued a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, February 7th. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Immunovant has an average rating of “Buy” and an average target price of $42.90.

Immunovant Price Performance

The firm’s 50 day moving average is $21.12 and its two-hundred day moving average is $25.88. The firm has a market capitalization of $3.43 billion, a P/E ratio of -7.75 and a beta of 0.68.

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

Insiders Place Their Bets

In other Immunovant news, insider William L. Macias sold 2,383 shares of Immunovant stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $56,786.89. Following the completion of the transaction, the insider now directly owns 359,408 shares of the company’s stock, valued at $8,564,692.64. The trade was a 0.66 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Peter Salzmann sold 5,105 shares of the company’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the transaction, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. This trade represents a 0.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock valued at $813,686 over the last 90 days. 5.90% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of IMVT. Victory Capital Management Inc. boosted its holdings in shares of Immunovant by 7.4% during 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 during the period. KBC Group NV boosted its stake in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock valued at $55,000 after purchasing an additional 612 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in Immunovant in the 3rd quarter valued at $517,000. Intech Investment Management LLC bought a new stake in Immunovant in the 3rd quarter valued at $622,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.