Immunovant (NASDAQ:IMVT) Sets New 52-Week Low Following Weak Earnings

Immunovant, Inc. (NASDAQ:IMVT)’s share price reached a new 52-week low during trading on Monday after the company announced weaker than expected quarterly earnings. The company traded as low as $19.82 and last traded at $19.60, with a volume of 702620 shares changing hands. The stock had previously closed at $20.41.

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

Analyst Ratings Changes

A number of research analysts have recently weighed in on IMVT shares. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Friday. 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 research note on Thursday, December 19th. Guggenheim lowered their target price on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $46.73.

Insider Activity at Immunovant

In related news, CFO Eva Renee Barnett sold 4,174 shares of the business’s stock in a transaction 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 sale, 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 16,692 shares of the stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $424,811.40. Following the transaction, the chief executive officer now owns 978,097 shares of the company’s stock, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,892 shares of company stock valued at $1,811,857. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

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

Immunovant Stock Performance

The company’s fifty day moving average price is $24.75 and its 200-day moving average price is $27.79. The stock has a market cap of $3.32 billion, a P/E ratio of -7.45 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.