Immunovant (NASDAQ:IMVT) Hits New 1-Year Low – Here’s Why

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during mid-day trading on Wednesday . The stock traded as low as $17.01 and last traded at $20.10, with a volume of 2859670 shares trading hands. The stock had previously closed at $18.79.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IMVT. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, February 7th. Jefferies Financial Group began coverage on Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 target price on the stock. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Wolfe Research lowered Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Wells Fargo & Company decreased their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $42.90.

Immunovant Stock Up 7.5 %

The firm has a fifty day moving average of $21.12 and a 200-day moving average of $25.88. The firm has a market cap of $3.43 billion, a P/E ratio of -7.75 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Sell-side analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current 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 stock was sold at an average price of $24.10, for a total transaction of $123,030.50. Following the transaction, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. This trade represents a 0.52 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the company’s stock in a transaction dated 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 sale, the director now directly owns 91,913 shares of the company’s stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 35,510 shares of company stock valued at $813,686. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. raised its holdings in Immunovant by 7.4% in the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after purchasing an additional 22,990 shares during the period. KBC Group NV raised its stake in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares during the period. B. Metzler seel. Sohn & Co. Holding AG bought a new position in Immunovant during the third quarter worth about $517,000. Intech Investment Management LLC acquired a new position in Immunovant in the third quarter valued at about $622,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after acquiring an additional 91,259 shares in the last quarter. 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.