Immunovant (NASDAQ:IMVT) Sets New 52-Week Low – Here’s What Happened

Shares of Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $23.88 and last traded at $23.95, with a volume of 107046 shares. The stock had previously closed at $24.64.

Wall Street Analysts Forecast Growth

IMVT has been the subject of a number of research analyst reports. Raymond James reiterated an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. Oppenheimer increased their price objective on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Finally, Wells Fargo & Company lowered their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. One research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and an average target price of $47.22.

Immunovant Trading Down 0.6 %

The company has a 50-day moving average of $27.19 and a 200-day moving average of $28.61. The firm has a market capitalization of $3.45 billion, a P/E ratio of -10.58 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the business posted ($0.45) earnings per share. Research analysts predict that Immunovant, Inc. will post -2.73 EPS for the current year.

Insider Activity

In other Immunovant news, CEO Peter Salzmann sold 5,105 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 value of $123,030.50. Following the completion of the sale, the chief executive officer now owns 972,992 shares of the company’s stock, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Eva Renee Barnett sold 4,105 shares of Immunovant stock in a transaction 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 transaction, the chief financial officer now owns 327,064 shares in the company, valued at approximately $7,882,242.40. This trade represents a 1.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 77,247 shares of company stock worth $2,034,425 in the last three months. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of large investors have recently made changes to their positions in the business. KBC Group NV grew its stake in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after acquiring an additional 612 shares in the last quarter. Quest Partners LLC grew its position in Immunovant by 216.7% during the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock valued at $69,000 after buying an additional 1,786 shares during the period. Headlands Technologies LLC purchased a new position in Immunovant during the second quarter valued at $77,000. Assetmark Inc. lifted its holdings in Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after purchasing an additional 1,228 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Immunovant by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after buying an additional 934 shares in the last quarter. 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.