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

Immunovant, Inc. (NASDAQ:IMVT) shares hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $22.41 and last traded at $22.75, with a volume of 1292713 shares. The stock had previously closed at $23.48.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. HC Wainwright restated a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Friday, November 8th. Oppenheimer upped their price objective on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. Finally, Wells Fargo & Company reduced their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $47.00.

Immunovant Stock Up 6.6 %

The stock has a 50 day simple moving average of $26.79 and a two-hundred day simple moving average of $28.56.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the previous year, the firm earned ($0.45) earnings per share. As a group, equities research analysts expect that Immunovant, Inc. will post -2.75 EPS for the current year.

Insider Transactions at Immunovant

In other news, Director Sciences Ltd. Roivant purchased 16,845,010 shares of the firm’s stock in a transaction dated Monday, January 13th. The shares were acquired at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the purchase, the director now directly owns 96,650,341 shares of the company’s stock, valued at $1,933,006,820. The trade was a 21.11 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark S. Levine sold 4,361 shares of Immunovant stock in a transaction dated Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total transaction of $128,780.33. Following the transaction, the insider now owns 322,878 shares of the company’s stock, valued at approximately $9,534,587.34. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 61,693 shares of company stock worth $1,586,625. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. boosted its holdings in Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after acquiring an additional 391,436 shares during the last quarter. Tyro Capital Management LLC lifted its stake in shares of Immunovant by 0.6% during the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock worth $7,189,000 after purchasing an additional 1,529 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after buying an additional 96,924 shares in the last quarter. State Street Corp grew its holdings in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares in the last quarter. Finally, Baker BROS. Advisors LP lifted its stake in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after acquiring an additional 760,692 shares in 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.