Immunovant (NASDAQ:IMVT) Stock Price Down 3.5% – Time to Sell?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price traded down 3.5% during trading on Tuesday . The stock traded as low as $18.69 and last traded at $18.77. 77,914 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 1,079,383 shares. The stock had previously closed at $19.44.

Wall Street Analyst Weigh In

Several research firms recently commented on IMVT. Wells Fargo & Company reduced their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Bank of America decreased their price target on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective on the stock. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $41.00.

Immunovant Stock Down 1.6 %

The company’s 50-day simple moving average is $20.57 and its 200-day simple moving average is $25.38. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of -6.83 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other news, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction dated Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the sale, the chief executive officer now directly owns 972,992 shares in the company, valued at $23,449,107.20. The trade was a 0.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Eva Renee Barnett sold 4,105 shares of Immunovant stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $98,930.50. Following the completion of the sale, the chief financial officer now owns 327,064 shares of the company’s stock, valued at $7,882,242.40. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 35,510 shares of company stock valued at $813,686 over the last quarter. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently bought and sold shares of the stock. Intech Investment Management LLC acquired a new position in shares of Immunovant during the 3rd quarter valued at about $622,000. Charles Schwab Investment Management Inc. grew its position in Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after buying an additional 91,259 shares in the last quarter. FMR LLC increased its stake in Immunovant by 19.6% during 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 period. Advantage Alpha Capital Partners LP bought a new position in Immunovant in the third quarter worth $427,000. Finally, Erste Asset Management GmbH acquired a new stake in shares of Immunovant during the 3rd quarter valued at about $1,471,000. 47.08% of the stock is currently owned by 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.