Immunovant (NASDAQ:IMVT) Shares Gap Down – Time to Sell?

Shares of Immunovant, Inc. (NASDAQ:IMVT) gapped down prior to trading on Monday . The stock had previously closed at $15.15, but opened at $14.63. Immunovant shares last traded at $14.80, with a volume of 210,362 shares trading hands.

Analyst Ratings Changes

IMVT has been the topic of several recent analyst reports. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Guggenheim restated a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. HC Wainwright reiterated a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Finally, UBS Group restated a “neutral” rating and issued a $17.00 price target (down from $38.00) on shares of Immunovant in a report on Tuesday. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.33.

Immunovant Price Performance

The company has a market capitalization of $2.42 billion, a price-to-earnings ratio of -5.44 and a beta of 0.81. The firm has a 50-day moving average price of $17.84 and a two-hundred day moving average price of $23.38.

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 analysts’ consensus estimates of ($0.68) by ($0.08). On average, equities analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other news, CFO Eva Renee Barnett sold 2,993 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total value of $44,565.77. Following the completion of the sale, the chief financial officer now owns 396,774 shares of the company’s stock, valued at approximately $5,907,964.86. This represents a 0.75 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the transaction, the director now directly 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. Over the last 90 days, insiders sold 47,408 shares of company stock valued at $690,207. Corporate insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of large investors have recently added to or reduced their stakes in the company. Principal Financial Group Inc. raised its holdings in shares of Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the period. ABC Arbitrage SA acquired a new position in Immunovant during the fourth quarter worth approximately $734,000. Geode Capital Management LLC raised its stake in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after buying an additional 96,924 shares during the period. Vanguard Group Inc. lifted its position in shares of Immunovant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after buying an additional 20,614 shares during the last quarter. Finally, Rhumbline Advisers boosted its stake in shares of Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after acquiring an additional 1,188 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.