Immunovant (NASDAQ:IMVT) Reaches New 52-Week Low – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT)’s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $18.13 and last traded at $18.44, with a volume of 1573336 shares changing hands. The stock had previously closed at $20.60.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Friday, February 7th. Bank of America cut their price objective 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 cut 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. Finally, Guggenheim cut their price objective on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a research note on Monday, February 10th. Two equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.55.

Immunovant Trading Up 5.0 %

The company’s 50 day moving average is $22.06 and its 200-day moving average is $26.68. The company has a market capitalization of $3.30 billion, a P/E ratio of -7.41 and a beta of 0.68.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). Analysts predict that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other 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 transaction of $56,786.89. Following the sale, the insider now owns 359,408 shares of the company’s stock, valued at $8,564,692.64. This trade represents a 0.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Sciences Ltd. Roivant purchased 16,845,010 shares of the company’s stock in a transaction dated Monday, January 13th. The shares were bought at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the acquisition, the director now owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. The trade was a 21.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 27,510 shares of company stock worth $656,886. 5.90% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

A number of institutional investors have recently made changes to their positions in IMVT. FMR LLC boosted its holdings in shares of Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after acquiring an additional 2,053,688 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Immunovant by 53.6% during 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 acquiring an additional 1,786,217 shares during the last quarter. Deep Track Capital LP boosted its holdings in shares of Immunovant by 38.0% during the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock valued at $148,620,000 after acquiring an additional 1,652,536 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Immunovant by 405.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company’s stock valued at $28,568,000 after acquiring an additional 925,081 shares during the last quarter. Finally, Two Seas Capital LP boosted its holdings in shares of Immunovant by 123.4% during the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock valued at $37,443,000 after acquiring an additional 835,000 shares during the last quarter. Hedge funds and other institutional investors 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.