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

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

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Wells Fargo & Company cut their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research note on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. Guggenheim restated a “buy” rating on shares of Immunovant in a research note on Thursday, March 20th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. One investment 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 stock. According to MarketBeat, Immunovant presently has an average rating of “Buy” and an average price target of $41.00.

Immunovant Stock Performance

The stock has a market cap of $2.86 billion, a P/E ratio of -6.42 and a beta of 0.68. The company has a 50-day simple moving average of $20.36 and a 200-day simple moving average of $25.18.

Immunovant (NASDAQ:IMVT) last released its quarterly 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). As a group, sell-side analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other news, CEO Peter Salzmann sold 5,105 shares of the firm’s 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 sale, the chief executive officer now owns 972,992 shares of the company’s stock, valued at $23,449,107.20. This trade represents a 0.52 % 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, Director Andrew J. Fromkin sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The shares were 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 $1,801,494.80. This represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,510 shares of company stock worth $813,686 over the last 90 days. Insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

Hedge funds have recently bought and sold shares of the stock. GF Fund Management CO. LTD. bought a new stake in shares of Immunovant during the fourth quarter worth $76,000. KBC Group NV boosted its stake in Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Ameriprise Financial Inc. bought a new position in Immunovant during the 4th quarter worth about $221,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Immunovant in the 4th quarter valued at about $268,000. Finally, Aigen Investment Management LP acquired a new position in shares of Immunovant during the fourth quarter worth about $270,000. 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.