Immunovant (NASDAQ:IMVT) Reaches New 52-Week Low – Here’s Why

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Guggenheim decreased their price target on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Wells Fargo & Company reduced their price objective 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. Bank of America reduced their price objective on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Finally, HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $43.55.

Immunovant Price Performance

The firm has a market capitalization of $3.30 billion, a PE ratio of -7.41 and a beta of 0.68. The firm’s fifty day moving average is $22.06 and its two-hundred day moving average is $26.68.

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

Insider Activity

In other news, CFO Eva Renee Barnett sold 4,105 shares of the business’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 value of $98,930.50. Following the sale, the chief financial officer now owns 327,064 shares of the company’s stock, valued at $7,882,242.40. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William L. Macias sold 2,383 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $56,786.89. Following the completion of the sale, the insider now directly owns 359,408 shares in the company, valued at approximately $8,564,692.64. This trade represents a 0.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,510 shares of company stock valued at $656,886 over the last quarter. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. FMR LLC increased its holdings in Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after acquiring an additional 560,344 shares during the period. Vanguard Group Inc. grew its stake in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock worth $165,449,000 after buying an additional 20,614 shares in the last quarter. Deep Track Capital LP grew its stake in Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after buying an additional 1,652,536 shares in the last quarter. T. Rowe Price Investment Management Inc. grew its stake in Immunovant by 53.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after buying an additional 1,786,217 shares in the last quarter. Finally, State Street Corp grew its stake in Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.