Immunovant (NASDAQ:IMVT) Sets New 12-Month Low – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low on Monday . The stock traded as low as $16.90 and last traded at $17.22, with a volume of 178412 shares. The stock had previously closed at $18.37.

Wall Street Analyst Weigh In

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

Immunovant Trading Down 8.4 %

The business has a 50 day simple moving average of $20.36 and a two-hundred day simple moving average of $25.18. The stock has a market cap of $2.86 billion, a price-to-earnings ratio of -6.42 and a beta of 0.68.

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

Insiders Place Their Bets

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the sale, the director now directly owns 91,913 shares of the company’s stock, valued at $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the sale, the chief technology officer now owns 139,991 shares in the company, valued at approximately $3,302,387.69. This represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,510 shares of company stock valued at $813,686 over the last quarter. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several large investors have recently modified their holdings of IMVT. GF Fund Management CO. LTD. purchased a new stake in shares of Immunovant in the 4th quarter valued at approximately $76,000. KBC Group NV grew its position in Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock valued at $77,000 after purchasing an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. purchased a new stake in Immunovant in the 4th quarter worth approximately $221,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Immunovant during the 4th quarter valued at $268,000. Finally, Aigen Investment Management LP acquired a new position in shares of Immunovant in the fourth quarter worth $270,000. 47.08% of the stock is 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.