Immunovant (NASDAQ:IMVT) Hits New 12-Month Low – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT)’s share price hit a new 52-week low during mid-day trading on Monday . The company traded as low as $21.06 and last traded at $20.85, with a volume of 3360 shares changing hands. The stock had previously closed at $21.74.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on IMVT. Oppenheimer boosted their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Cantor Fitzgerald upgraded Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. Bank of America cut their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company decreased their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, HC Wainwright restated a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Immunovant presently has an average rating of “Buy” and an average price target of $47.00.

Immunovant Price Performance

The stock has a 50 day moving average of $25.33 and a 200 day moving average of $27.98.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the company posted ($0.45) EPS. On average, equities analysts forecast that Immunovant, Inc. will post -2.84 EPS for the current year.

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 4,174 shares of the firm’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 of the company’s stock, valued at $8,428,251.05. This trade represents a 1.24 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the stock in a transaction dated Monday, January 13th. The shares were purchased at an average cost of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the purchase, the director now owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. The trade was a 21.11 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 72,892 shares of company stock worth $1,811,857 in the last 90 days. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares during the last quarter. Baker BROS. Advisors LP boosted its stake in shares of Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of 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 buying an additional 391,436 shares during the period. State Street Corp raised its stake in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after buying an additional 96,924 shares during the period. Hedge funds and other institutional investors 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.