Immunovant (NASDAQ:IMVT) Stock Price Down 4.8%

Immunovant, Inc. (NASDAQ:IMVT) fell 4.8% during mid-day trading on Wednesday . The company traded as low as $25.90 and last traded at $25.99. 706,865 shares changed hands during mid-day trading, a decline of 41% from the average session volume of 1,206,458 shares. The stock had previously closed at $27.29.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on IMVT shares. Truist Financial reiterated a “buy” rating and issued a $48.00 price objective on shares of Immunovant in a research note on Monday, March 25th. Oppenheimer cut their price objective on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating on the stock in a research note on Monday, June 3rd. HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Thursday, May 30th. The Goldman Sachs Group started coverage on shares of Immunovant in a research note on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Tuesday, June 18th. Seventeen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $48.75.

Immunovant Price Performance

The company’s 50-day moving average price is $27.94 and its 200-day moving average price is $33.56.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same quarter last year, the business posted ($0.46) EPS. Sell-side analysts forecast that Immunovant, Inc. will post -2.11 EPS for the current year.

Insider Transactions at Immunovant

In other news, CFO Eva Renee Barnett sold 4,042 shares of the firm’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total value of $119,845.30. Following the transaction, the chief financial officer now directly owns 355,414 shares of the company’s stock, valued at $10,538,025.10. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Immunovant news, insider Julia G. Butchko sold 1,053 shares of Immunovant stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $32,832.54. Following the transaction, the insider now directly owns 461,742 shares of the company’s stock, valued at $14,397,115.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 4,042 shares of Immunovant stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $29.65, for a total transaction of $119,845.30. Following the transaction, the chief financial officer now directly owns 355,414 shares in the company, valued at $10,538,025.10. The disclosure for this sale can be found here. Over the last three months, insiders have sold 99,948 shares of company stock valued at $2,936,889. Corporate insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of institutional investors have recently bought and sold shares of IMVT. Rhumbline Advisers raised its stake in Immunovant by 3.3% during the third quarter. Rhumbline Advisers now owns 74,565 shares of the company’s stock worth $2,863,000 after purchasing an additional 2,367 shares during the period. Invesco Ltd. raised its stake in shares of Immunovant by 957.8% in the 3rd quarter. Invesco Ltd. now owns 239,055 shares of the company’s stock valued at $9,177,000 after acquiring an additional 216,455 shares during the period. Dark Forest Capital Management LP purchased a new stake in shares of Immunovant in the 3rd quarter valued at approximately $395,000. Trexquant Investment LP purchased a new stake in shares of Immunovant in the 3rd quarter valued at approximately $2,987,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Immunovant by 442.1% in the 3rd quarter. Tower Research Capital LLC TRC now owns 9,628 shares of the company’s stock valued at $370,000 after acquiring an additional 7,852 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Immunovant

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.