Immunovant (NASDAQ:IMVT) Trading Down 3.6%

Shares of Immunovant, Inc. (NASDAQ:IMVT) were down 3.6% during trading on Wednesday . The stock traded as low as $29.30 and last traded at $29.31. Approximately 83,640 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 1,212,757 shares. The stock had previously closed at $30.40.

Analyst Ratings Changes

Several analysts recently commented on IMVT shares. Truist Financial reaffirmed a “buy” rating and issued a $48.00 price target on shares of Immunovant in a research note on Monday, March 25th. Wolfe Research assumed coverage on Immunovant in a research report on Thursday, February 15th. They issued an “outperform” rating and a $55.00 price objective for the company. The Goldman Sachs Group assumed coverage on Immunovant in a research report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective for the company. HC Wainwright lifted their price objective on Immunovant from $47.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Finally, Bank of America lifted their price objective on Immunovant from $49.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $48.00.

Immunovant Trading Down 5.5 %

The stock has a 50 day simple moving average of $33.42 and a 200 day simple moving average of $36.21. The stock has a market cap of $4.17 billion, a P/E ratio of -15.72 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.07. Equities analysts anticipate that Immunovant, Inc. will post -1.7 earnings per share for the current year.

Insiders Place Their Bets

In other Immunovant news, CFO Eva Renee Barnett sold 3,689 shares of Immunovant stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $115,023.02. Following the transaction, the chief financial officer now directly owns 371,709 shares of the company’s stock, valued at approximately $11,589,886.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Julia G. Butchko sold 1,053 shares of the business’s stock in a transaction dated Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total value of $32,832.54. Following the transaction, the insider now directly owns 461,742 shares of the company’s stock, valued at approximately $14,397,115.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Eva Renee Barnett sold 3,689 shares of the business’s stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $115,023.02. Following the completion of the transaction, the chief financial officer now directly owns 371,709 shares in the company, valued at $11,589,886.62. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,064 shares of company stock valued at $612,982. 4.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in IMVT. Point72 Asset Management L.P. acquired a new position in shares of Immunovant in the 4th quarter valued at about $112,356,000. FMR LLC lifted its stake in shares of Immunovant by 47.5% in the 3rd quarter. FMR LLC now owns 7,748,546 shares of the company’s stock valued at $297,467,000 after purchasing an additional 2,494,678 shares during the period. Federated Hermes Inc. increased its position in Immunovant by 281.2% in the 1st quarter. Federated Hermes Inc. now owns 1,903,894 shares of the company’s stock valued at $10,491,000 after buying an additional 1,404,404 shares in the last quarter. Octagon Capital Advisors LP increased its position in Immunovant by 127.3% in the 4th quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock valued at $11,514,000 after buying an additional 1,273,289 shares in the last quarter. Finally, Fred Alger Management LLC increased its position in Immunovant by 6,108.9% in the 3rd quarter. Fred Alger Management LLC now owns 1,186,031 shares of the company’s stock valued at $45,532,000 after buying an additional 1,166,929 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.