Immunovant (NASDAQ:IMVT) Hits New 12-Month Low - Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $18.13 and last traded at $18.44, with a volume of 1573336 shares changing hands. The stock had previously closed at $20.60.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IMVT shares. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research note on Monday. They issued a "hold" rating and a $20.00 price target on the stock. Bank of America reduced their price target on shares of Immunovant from $48.00 to $45.00 and set a "buy" rating for the company in a report on Wednesday, January 15th. Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $43.55.

Immunovant Trading Up 2.6 %

The firm's 50-day moving average price is $21.94 and its 200 day moving average price is $26.63. The company has a market capitalization of $3.40 billion, a price-to-earnings ratio of -7.64 and a beta of 0.68.

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Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). As a group, equities research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the stock in a transaction on Monday, January 13th. The stock was acquired at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the acquisition, the director now directly owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. This trade represents a 21.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Salzmann sold 5,105 shares of Immunovant stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total value of $123,030.50. Following the sale, the chief executive officer now directly owns 972,992 shares in the company, valued at $23,449,107.20. The trade was a 0.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,510 shares of company stock valued at $656,886 in the last quarter. Insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. KBC Group NV increased its holdings in Immunovant by 46.2% in the third quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after purchasing an additional 612 shares during the period. GF Fund Management CO. LTD. bought a new stake in shares of Immunovant in the 4th quarter valued at about $76,000. Assetmark Inc. increased its stake in shares of Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company's stock valued at $82,000 after buying an additional 1,228 shares during the period. Ameriprise Financial Inc. bought a new stake in Immunovant in the fourth quarter valued at approximately $221,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Immunovant during the 4th quarter valued at approximately $268,000. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.