Immunovant (NASDAQ:IMVT) Trading Down 5.2% – Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT)’s share price dropped 5.2% during trading on Wednesday . The stock traded as low as $26.39 and last traded at $26.46. Approximately 151,383 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,055,117 shares. The stock had previously closed at $27.91.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a report on Friday, November 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Oppenheimer increased their price target on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Finally, Raymond James restated an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a report on Thursday, October 10th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, Immunovant has an average rating of “Buy” and a consensus price target of $47.89.

Immunovant Stock Performance

The stock has a market cap of $3.91 billion, a PE ratio of -12.01 and a beta of 0.64. The stock has a fifty day simple moving average of $28.78 and a two-hundred day simple moving average of $28.75.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the business earned ($0.45) EPS. On average, equities analysts predict that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other Immunovant news, insider William L. Macias sold 3,188 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total transaction of $91,782.52. Following the sale, the insider now owns 365,144 shares in the company, valued at $10,512,495.76. This represents a 0.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $152,588.72. Following the completion of the transaction, the chief financial officer now owns 338,614 shares of the company’s stock, valued at approximately $10,009,429.84. The trade was a 1.50 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 77,659 shares of company stock valued at $2,096,890. 5.90% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in the business. KBC Group NV lifted its position in shares of Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after buying an additional 612 shares during the last quarter. Quest Partners LLC lifted its holdings in Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after acquiring an additional 1,786 shares during the last quarter. Headlands Technologies LLC bought a new position in Immunovant in the second quarter worth about $77,000. Assetmark Inc. boosted its stake in Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after acquiring an additional 1,228 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after purchasing an additional 934 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.