Immunovant (NASDAQ:IMVT) Hits New 52-Week Low Following Insider Selling

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during trading on Monday after an insider sold shares in the company. The company traded as low as $22.35 and last traded at $22.38, with a volume of 462944 shares. The stock had previously closed at $23.05.

Specifically, insider Michael Geffner sold 2,657 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $62,678.63. Following the completion of the transaction, the insider now directly owns 132,314 shares of the company’s stock, valued at approximately $3,121,287.26. This trade represents a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were 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 in the company, 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.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IMVT shares. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Raymond James reissued an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Bank of America lowered their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Wells Fargo & Company decreased their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Finally, Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, Immunovant currently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

Immunovant Price Performance

The stock has a market capitalization of $3.23 billion, a P/E ratio of -9.92 and a beta of 0.66. The stock’s fifty day moving average price is $25.79 and its 200 day moving average price is $28.28.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period last year, the company posted ($0.45) EPS. On average, sell-side analysts expect that Immunovant, Inc. will post -2.75 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. grew its position in shares of Immunovant by 7.4% during the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after buying an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after acquiring an additional 91,259 shares in the last quarter. Principal Financial Group Inc. increased its position in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the period. State Street Corp raised its holdings in shares of Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Immunovant by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after purchasing an additional 96,924 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.