Immunovant (NASDAQ:IMVT) Hits New 52-Week Low – Time to Sell?

Immunovant, Inc. (NASDAQ:IMVT)’s share price hit a new 52-week low during trading on Tuesday . The company 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.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IMVT shares. Guggenheim dropped their price objective on Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Bank of America dropped their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. Wells Fargo & Company dropped their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Two investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. 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 market cap of $3.13 billion, a P/E ratio of -7.04 and a beta of 0.65. The firm has a 50-day moving average price of $22.34 and a 200-day moving average price of $26.81.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). On average, research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Activity at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the firm’s stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the transaction, the chief executive officer now owns 972,992 shares of the company’s stock, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jay S. Stout sold 2,195 shares of the business’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 value of $51,780.05. Following the completion of the sale, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. This represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,510 shares of company stock valued at $656,886 in the last three months. Company insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors and hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after purchasing an additional 934 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after buying an additional 391,436 shares during the last quarter. Assetmark Inc. grew its holdings in shares of 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 buying an additional 1,228 shares during the last quarter. GSA Capital Partners LLP increased its position in shares of Immunovant by 66.2% during the third quarter. GSA Capital Partners LLP now owns 24,634 shares of the company’s stock valued at $702,000 after acquiring an additional 9,810 shares in the last quarter. Finally, Victory Capital Management Inc. raised its holdings in Immunovant by 7.4% in the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after acquiring an additional 22,990 shares during the last quarter. 47.08% of the stock is currently owned by 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.