Immunovant (NASDAQ:IMVT) Hits New 1-Year Low - Here's What Happened

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) shares reached a new 52-week low on Wednesday . The stock traded as low as $17.01 and last traded at $20.10, with a volume of 2859670 shares changing hands. The stock had previously closed at $18.79.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IMVT. Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Wells Fargo & Company cut their target price on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Jefferies Financial Group began coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 target price for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $51.00 target price on shares of Immunovant in a research report on Wednesday. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $41.70.

Immunovant Price Performance

The stock has a market capitalization of $3.34 billion, a PE ratio of -7.50 and a beta of 0.68. The business's fifty day moving average price is $20.86 and its 200-day moving average price is $25.64.

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Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). On average, analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In related news, CFO Eva Renee Barnett sold 4,105 shares of the firm's stock in a transaction that occurred on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $98,930.50. Following the sale, the chief financial officer now directly owns 327,064 shares of the company's stock, valued at $7,882,242.40. This trade represents a 1.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider William L. Macias sold 2,383 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $56,786.89. Following the completion of the sale, the insider now directly owns 359,408 shares in the company, valued at $8,564,692.64. This represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,510 shares of company stock valued at $813,686 over the last three months. 5.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. KBC Group NV raised its stake in shares of Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company's stock worth $55,000 after acquiring an additional 612 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Immunovant during the fourth quarter worth approximately $76,000. Ameriprise Financial Inc. purchased a new position in shares of Immunovant during the fourth quarter worth approximately $221,000. KLP Kapitalforvaltning AS purchased a new position in shares of Immunovant during the fourth quarter worth approximately $268,000. Finally, Aigen Investment Management LP purchased a new position in shares of Immunovant during the fourth quarter worth approximately $270,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.