Immunovant (NASDAQ:IMVT) Trading Down 4.8%

Immunovant, Inc. (NASDAQ:IMVT)’s stock price traded down 4.8% during trading on Wednesday . The stock traded as low as $25.90 and last traded at $25.99. 706,865 shares traded hands during trading, a decline of 41% from the average session volume of 1,206,458 shares. The stock had previously closed at $27.29.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Tuesday, June 18th. The Goldman Sachs Group began coverage on Immunovant in a research note on Wednesday, March 13th. They set a “buy” rating and a $50.00 price objective for the company. Truist Financial restated a “buy” rating and set a $48.00 price objective on shares of Immunovant in a research note on Monday, March 25th. HC Wainwright restated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Thursday, May 30th. Finally, Oppenheimer lowered their price objective on Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a research note on Monday, June 3rd. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $48.75.

Immunovant Stock Performance

The firm has a 50-day moving average price of $27.99 and a 200-day moving average price of $33.62.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.08). During the same period last year, the business posted ($0.46) earnings per share. Sell-side analysts predict that Immunovant, Inc. will post -2.11 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Michael Geffner sold 3,261 shares of Immunovant stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total value of $94,242.90. Following the transaction, the insider now directly owns 141,616 shares in the company, valued at approximately $4,092,702.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Peter Salzmann sold 4,807 shares of the firm’s stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $149,882.26. Following the completion of the sale, the chief executive officer now owns 1,086,958 shares of the company’s stock, valued at $33,891,350.44. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Michael Geffner sold 3,261 shares of the firm’s stock in a transaction on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total value of $94,242.90. Following the completion of the sale, the insider now directly owns 141,616 shares of the company’s stock, valued at approximately $4,092,702.40. The disclosure for this sale can be found here. Insiders have sold 99,948 shares of company stock worth $2,936,889 in the last three months. 4.80% of the stock is currently owned by insiders.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the business. Rhumbline Advisers boosted its position in Immunovant by 3.3% during the third quarter. Rhumbline Advisers now owns 74,565 shares of the company’s stock valued at $2,863,000 after purchasing an additional 2,367 shares during the last quarter. Invesco Ltd. boosted its position in Immunovant by 957.8% during the third quarter. Invesco Ltd. now owns 239,055 shares of the company’s stock valued at $9,177,000 after purchasing an additional 216,455 shares during the last quarter. Dark Forest Capital Management LP acquired a new stake in Immunovant during the third quarter valued at $395,000. Trexquant Investment LP acquired a new stake in Immunovant during the third quarter valued at $2,987,000. Finally, Tower Research Capital LLC TRC boosted its position in Immunovant by 442.1% during the third quarter. Tower Research Capital LLC TRC now owns 9,628 shares of the company’s stock valued at $370,000 after purchasing an additional 7,852 shares during the last quarter. 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.