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

Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week low during trading on Tuesday . The stock traded as low as $18.13 and last traded at $18.44, with a volume of 1573336 shares traded. The stock had previously closed at $20.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Guggenheim decreased their target price on Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a research report on Monday, February 10th. Wells Fargo & Company lowered their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Jefferies Financial Group assumed coverage on shares of Immunovant in a report on Monday. They issued a “hold” rating and a $20.00 target price on the stock. Bank of America decreased their target price on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Finally, Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. Two analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $43.55.

Immunovant Stock Performance

The stock has a fifty day moving average of $22.34 and a 200 day moving average of $26.81. The company has a market capitalization of $3.13 billion, a P/E ratio of -7.04 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Research analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In related news, CFO Eva Renee Barnett sold 4,105 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $98,930.50. Following the completion of the transaction, the chief financial officer now owns 327,064 shares of the company’s stock, valued at approximately $7,882,242.40. This represents a 1.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, 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 sale, the chief executive officer now directly owns 972,992 shares in the company, valued at approximately $23,449,107.20. This represents a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,510 shares of company stock valued at $656,886 over the last 90 days. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently made changes to their positions in the business. KBC Group NV lifted its holdings in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after purchasing an additional 612 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after buying an additional 934 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Immunovant by 1.5% in the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock worth $2,005,000 after buying an additional 1,188 shares in the last quarter. Swiss National Bank boosted its position in shares of Immunovant by 1.2% during the fourth quarter. Swiss National Bank now owns 100,800 shares of the company’s stock worth $2,497,000 after acquiring an additional 1,200 shares during the last quarter. Finally, Assetmark Inc. grew its stake in Immunovant by 73.8% during the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after acquiring an additional 1,228 shares in the last quarter. Institutional investors 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.