Immunovant (NASDAQ:IMVT) Stock Price Down 3.5% – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT) shares fell 3.5% during mid-day trading on Tuesday . The company traded as low as $18.69 and last traded at $18.77. 77,914 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,079,383 shares. The stock had previously closed at $19.44.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several recent analyst reports. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday, March 20th. Wells Fargo & Company cut their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Bank of America cut their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Finally, HC Wainwright reiterated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. One equities research 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 company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $41.70.

Immunovant Stock Down 7.0 %

The company has a market capitalization of $3.07 billion, a price-to-earnings ratio of -6.91 and a beta of 0.68. The business has a fifty day simple moving average of $20.80 and a two-hundred day simple moving average of $25.54.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, equities analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the business’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 transaction, the director now directly owns 91,913 shares in the company, valued at $1,801,494.80. The trade was a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the sale, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at approximately $3,302,387.69. The trade was a 1.54 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,510 shares of company stock valued at $813,686. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of IMVT. GF Fund Management CO. LTD. bought a new position in shares of Immunovant in the fourth quarter valued at about $76,000. KBC Group NV increased its position in Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock valued at $77,000 after acquiring an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. bought a new position in shares of Immunovant in the fourth quarter worth about $221,000. KLP Kapitalforvaltning AS acquired a new position in shares of Immunovant during the fourth quarter worth approximately $268,000. Finally, Aigen Investment Management LP acquired a new position in shares of Immunovant during the fourth quarter worth approximately $270,000. 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.