Immunovant (NASDAQ:IMVT) Reaches New 52-Week Low – What’s Next?

Immunovant, Inc. (NASDAQ:IMVT)’s stock price reached a new 52-week low during trading on Monday . The stock traded as low as $13.59 and last traded at $13.74, with a volume of 84038 shares traded. The stock had previously closed at $14.58.

Analysts Set New Price Targets

IMVT has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Jefferies Financial Group started coverage on Immunovant in a research report on Monday, March 3rd. They set a “hold” rating and a $20.00 price target on the stock. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Bank of America lowered their price objective on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Finally, Guggenheim reissued a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. One equities research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Immunovant currently has a consensus rating of “Buy” and an average price target of $41.00.

Immunovant Trading Down 3.8 %

The stock’s 50-day moving average is $19.60 and its 200-day moving average is $24.71. The stock has a market cap of $2.38 billion, a P/E ratio of -5.38 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, equities analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity

In other Immunovant news, insider William L. Macias sold 2,383 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the completion of the transaction, the insider now directly owns 359,408 shares in the company, valued at $8,564,692.64. This trade represents a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 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. In the last quarter, insiders sold 35,510 shares of company stock worth $813,686. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. FMR LLC boosted its stake in shares of Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company’s stock worth $324,435,000 after acquiring an additional 560,344 shares in the last quarter. Vanguard Group Inc. grew its holdings in Immunovant by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after purchasing an additional 20,614 shares during the last quarter. Deep Track Capital LP raised its position in shares of Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Immunovant by 53.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock valued at $126,754,000 after buying an additional 1,786,217 shares during the last quarter. Finally, State Street Corp lifted its position in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

About Immunovant

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.