Immunovant (NASDAQ:IMVT) Stock Price Down 3.5% – Should You Sell?

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

Analyst Upgrades and Downgrades

A number of analysts recently commented on IMVT shares. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Tuesday, March 4th. HC Wainwright reissued a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Wednesday, March 19th. Wells Fargo & Company decreased 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 began coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target on the stock. Finally, Bank of America reduced their price objective on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $41.00.

Immunovant Trading Down 1.6 %

The company has a 50 day moving average price of $20.57 and a 200 day moving average price of $25.38. The company has a market capitalization of $3.04 billion, a P/E ratio of -6.83 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last released its quarterly 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, sell-side analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the firm’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $123,030.50. Following the transaction, the chief executive officer now directly owns 972,992 shares of the company’s stock, valued at $23,449,107.20. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 2,195 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $51,780.05. Following the transaction, the chief technology officer now owns 139,991 shares of the company’s stock, 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 sold 35,510 shares of company stock worth $813,686 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently modified their holdings of IMVT. Charles Schwab Investment Management Inc. boosted its position in Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after buying an additional 91,259 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the period. ABC Arbitrage SA bought a new stake in shares of Immunovant in the 4th quarter valued at about $734,000. State Street Corp increased its stake in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares during the period. Finally, Geode Capital Management LLC increased its position in Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after purchasing an additional 96,924 shares during the period. 47.08% of the stock is currently owned by institutional investors.

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.