Immunovant (NASDAQ:IMVT) Stock Price Down 5.7% – Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT)’s share price dropped 5.7% during trading on Thursday . The stock traded as low as $25.76 and last traded at $25.78. Approximately 761,888 shares were traded during trading, a decline of 54% from the average daily volume of 1,640,681 shares. The stock had previously closed at $27.35.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IMVT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research report on Tuesday, January 6th. Truist Financial increased their price target on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. JPMorgan Chase & Co. lowered their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 30th. Finally, The Goldman Sachs Group upped their price objective on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Immunovant presently has an average rating of “Moderate Buy” and a consensus price target of $30.78.

Immunovant Price Performance

The stock has a market capitalization of $4.56 billion, a P/E ratio of -9.15 and a beta of 0.57. The stock’s 50-day simple moving average is $24.73 and its 200 day simple moving average is $19.73.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period last year, the company earned ($0.74) EPS. As a group, analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of the business’s stock in a transaction dated Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $49,382.85. Following the completion of the sale, the insider owned 217,958 shares of the company’s stock, valued at approximately $4,147,740.74. The trade was a 1.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tuyl Christopher Van sold 10,813 shares of Immunovant stock in a transaction dated Thursday, December 18th. The stock was sold at an average price of $26.91, for a total transaction of $290,977.83. Following the completion of the sale, the insider owned 149,930 shares of the company’s stock, valued at $4,034,616.30. This trade represents a 6.73% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 67,006 shares of company stock worth $1,584,347. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

A number of institutional investors have recently modified their holdings of the stock. Strs Ohio bought a new stake in Immunovant during the first quarter worth about $27,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Immunovant during the 3rd quarter worth approximately $33,000. Farther Finance Advisors LLC increased its stake in Immunovant by 142,750.0% in the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after acquiring an additional 2,855 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after purchasing an additional 1,646 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in Immunovant by 228.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after purchasing an additional 4,273 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.