Immunovant (NASDAQ:IMVT) Stock Price Down 6.9% – Should You Sell?

Shares of Immunovant, Inc. (NASDAQ:IMVT) were down 6.9% during trading on Thursday. The stock traded as low as $30.00 and last traded at $29.8140. 398,114 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,507,574 shares. The stock had previously closed at $32.04.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. JPMorgan Chase & Co. boosted their target price on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday, October 2nd. UBS Group restated a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Finally, Sanford C. Bernstein raised Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Stock Down 5.8%

The company has a 50 day simple moving average of $38.76 and a two-hundred day simple moving average of $34.41. The company has a market capitalization of $6.24 billion, a P/E ratio of -10.70 and a beta of 0.84.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the firm earned ($0.71) earnings per share. As a group, research analysts expect that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Eric Venker sold 3,506 shares of the stock in a transaction on Friday, October 2nd. The shares were sold at an average price of $34.11, for a total value of $119,589.66. Following the sale, the chief executive officer owned 257,075 shares of the company’s stock, valued at approximately $8,768,828.25. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction dated Friday, August 28th. The stock was sold at an average price of $43.27, for a total transaction of $64,905.00. Following the completion of the sale, the director owned 116,731 shares of the company’s stock, valued at $5,050,950.37. This trade represents a 1.27% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 7,852 shares of company stock worth $287,975 over the last three months. 1.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently added to or reduced their stakes in the company. Two Seas Capital LP raised its position in Immunovant by 46.5% in the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after purchasing an additional 1,464,187 shares during the period. Engineers Gate Manager LP grew its stake in shares of Immunovant by 179.7% during the second quarter. Engineers Gate Manager LP now owns 24,220 shares of the company’s stock valued at $933,000 after buying an additional 15,560 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Immunovant in the second quarter worth approximately $2,996,000. Nykredit A S purchased a new stake in shares of Immunovant in the second quarter worth approximately $174,000. Finally, Corient Private Wealth LP lifted its stake in shares of Immunovant by 1.8% during the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock worth $945,000 after acquiring an additional 442 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.