Immunovant (NASDAQ:IMVT) Trading Down 4.8%

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

Wall Street Analyst Weigh In

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

Immunovant Price Performance

The firm’s 50-day moving average price is $27.99 and its 200-day moving average price is $33.62.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Wednesday, May 29th. The company reported ($0.52) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same quarter in the prior year, the firm earned ($0.46) EPS. On average, sell-side analysts expect that Immunovant, Inc. will post -2.11 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Eva Renee Barnett sold 4,042 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total value of $119,845.30. Following the completion of the sale, the chief financial officer now owns 355,414 shares of the company’s stock, valued at approximately $10,538,025.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Peter Salzmann sold 4,807 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $149,882.26. Following the completion of the sale, the chief executive officer now directly owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Eva Renee Barnett sold 4,042 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total transaction of $119,845.30. Following the sale, the chief financial officer now owns 355,414 shares of the company’s stock, valued at $10,538,025.10. The disclosure for this sale can be found here. Insiders sold a total of 99,948 shares of company stock valued at $2,936,889 in the last quarter. Corporate insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alps Advisors Inc. raised its holdings in Immunovant by 0.6% in the 3rd quarter. Alps Advisors Inc. now owns 96,434 shares of the company’s stock worth $3,702,000 after purchasing an additional 578 shares in the last quarter. Headlands Technologies LLC bought a new position in Immunovant in the 4th quarter worth $27,000. CoreCap Advisors LLC raised its holdings in Immunovant by 11.2% in the 4th quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock worth $270,000 after purchasing an additional 647 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Immunovant by 10.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,370 shares of the company’s stock worth $437,000 after purchasing an additional 951 shares in the last quarter. Finally, Bamco Inc. NY raised its holdings in Immunovant by 1.7% in the 1st quarter. Bamco Inc. NY now owns 60,000 shares of the company’s stock worth $1,939,000 after purchasing an additional 1,000 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.