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

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $13.59 and last traded at $13.74, with a volume of 84038 shares trading hands. The stock had previously closed at $14.58.

Analysts Set New Price Targets

A number of equities analysts recently commented on IMVT shares. Guggenheim reissued a “buy” rating on shares of Immunovant in a research note on Thursday, March 20th. Jefferies Financial Group began coverage on Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 price objective for the company. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Wednesday, March 19th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. 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 issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $41.00.

Immunovant Stock Performance

The company has a market cap of $2.26 billion, a price-to-earnings ratio of -5.08 and a beta of 0.81. The company’s fifty day moving average is $19.10 and its two-hundred day moving average is $24.42.

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

Insider Transactions at Immunovant

In related news, Director Andrew J. Fromkin sold 8,000 shares of the company’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares of the company’s stock, valued at approximately $1,801,494.80. This represents a 8.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the transaction, the chief technology officer now owns 139,991 shares in the company, valued at $3,302,387.69. This trade represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 26,300 shares of company stock valued at $591,725 in the last 90 days. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently made changes to their positions in IMVT. GF Fund Management CO. LTD. acquired a new stake in shares of Immunovant in the fourth quarter worth approximately $76,000. KBC Group NV lifted its holdings in Immunovant by 60.1% in the 4th 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. acquired a new stake in Immunovant during the 4th quarter worth $221,000. KLP Kapitalforvaltning AS acquired a new stake in Immunovant during the 4th quarter worth $268,000. Finally, Aigen Investment Management LP purchased a new stake in shares of Immunovant during the fourth quarter worth $270,000. Institutional investors and hedge funds 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.