Immunovant (NASDAQ:IMVT) Stock Price Down 5% After Earnings Miss

Shares of Immunovant, Inc. (NASDAQ:IMVT) traded down 5% during mid-day trading on Thursday after the company announced weaker than expected quarterly earnings. The stock traded as low as $21.71 and last traded at $21.38. 72,100 shares changed hands during mid-day trading, a decline of 94% from the average session volume of 1,153,443 shares. The stock had previously closed at $22.51.

The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08).

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Friday. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Bank of America reduced their target price on shares of 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 reduced their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. One equities research 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’s stock. According to MarketBeat, Immunovant has an average rating of “Buy” and an average price target of $47.00.

Insider Buying and Selling

In other news, CFO Eva Renee Barnett sold 4,174 shares of Immunovant stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $106,228.30. Following the completion of the transaction, the chief financial officer now owns 331,169 shares in the company, valued at approximately $8,428,251.05. The trade was a 1.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 2,195 shares of Immunovant stock in a transaction that occurred 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 completion of the transaction, the chief technology officer now owns 139,991 shares of the company’s stock, valued at $3,302,387.69. This trade represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 72,892 shares of company stock valued at $1,811,857 over the last quarter. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. raised its position 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 purchasing an additional 22,990 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after purchasing an additional 91,259 shares during the last quarter. Principal Financial Group Inc. raised its position in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after purchasing an additional 391,436 shares during the last quarter. State Street Corp raised its position 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 purchasing an additional 303,386 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after acquiring an additional 96,924 shares during the period. Institutional investors own 47.08% of the company’s stock.

Immunovant Trading Up 0.2 %

The business’s fifty day simple moving average is $24.91 and its 200 day simple moving average is $27.84. The stock has a market cap of $3.47 billion, a price-to-earnings ratio of -9.19 and a beta of 0.65.

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.