Immunovant (NASDAQ:IMVT) Shares Down 3.5% – Time to Sell?

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Wells Fargo & Company lowered their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. One analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $41.70.

Immunovant Price Performance

The business has a fifty day moving average price of $20.80 and a two-hundred day moving average price of $25.54. The firm has a market cap of $3.07 billion, a PE ratio of -6.91 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last issued 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, sell-side analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value 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. Insiders sold a total of 35,510 shares of company stock worth $813,686 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. acquired a new position in Immunovant during the fourth quarter worth $76,000. KBC Group NV increased its holdings in shares of Immunovant by 60.1% during 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 during the last quarter. Ameriprise Financial Inc. acquired a new position in shares of Immunovant during the 4th quarter valued at about $221,000. KLP Kapitalforvaltning AS bought a new position in shares of Immunovant in the 4th quarter valued at approximately $268,000. Finally, Aigen Investment Management LP acquired a new stake in Immunovant in the 4th quarter worth approximately $270,000. 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.