Immunovant (NASDAQ:IMVT) Reaches New 52-Week Low - Here's Why

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $23.88 and last traded at $23.95, with a volume of 107046 shares. The stock had previously closed at $24.64.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Wells Fargo & Company dropped their price objective on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 price target on shares of Immunovant in a report on Friday, November 8th. Oppenheimer raised their price objective on shares of Immunovant from $47.00 to $53.00 and gave the stock an "outperform" rating in a report on Wednesday, October 9th. Raymond James restated an "outperform" rating and issued a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. Finally, Wolfe Research lowered shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research note on Friday, January 3rd. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $47.22.

Immunovant Stock Down 4.1 %

The business's fifty day moving average price is $27.43 and its 200 day moving average price is $28.68. The firm has a market capitalization of $3.47 billion, a PE ratio of -10.64 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts' consensus estimates of ($0.59) by ($0.15). During the same period in the prior year, the business earned ($0.45) earnings per share. On average, analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Insider Activity at Immunovant

In other Immunovant news, insider William L. Macias sold 3,188 shares of Immunovant stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total value of $91,782.52. Following the sale, the insider now owns 365,144 shares of the company's stock, valued at approximately $10,512,495.76. The trade was a 0.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark S. Levine sold 4,361 shares of the business's stock in a transaction that occurred on Wednesday, October 23rd. The stock was sold at an average price of $29.53, for a total value of $128,780.33. Following the transaction, the insider now owns 322,878 shares in the company, valued at $9,534,587.34. The trade was a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,037 shares of company stock worth $1,812,464 in the last three months. Insiders own 5.90% of the company's stock.

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its stake in shares of Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company's stock valued at $357,446,000 after purchasing an additional 2,053,688 shares during the period. Armistice Capital LLC increased its holdings in Immunovant by 57.0% in the second quarter. Armistice Capital LLC now owns 3,396,909 shares of the company's stock valued at $89,678,000 after buying an additional 1,232,909 shares in the last quarter. State Street Corp lifted its position in shares of 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 acquiring an additional 303,386 shares during the period. Geode Capital Management LLC boosted its stake in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock worth $43,085,000 after acquiring an additional 96,924 shares in the last quarter. Finally, Baker BROS. Advisors LP grew its holdings in shares of Immunovant by 163.7% in the 3rd 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 during the period. 47.08% of the stock is currently 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.