Immunovant (NASDAQ:IMVT) Reaches New 12-Month Low - Here's Why

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) shares reached a new 52-week low on Monday . The company traded as low as $16.90 and last traded at $17.22, with a volume of 178412 shares traded. The stock had previously closed at $18.37.

Analysts Set New Price Targets

Several brokerages recently weighed in on IMVT. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Guggenheim reiterated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Finally, Bank of America cut their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $41.00.

Immunovant Stock Performance

The stock has a market cap of $2.79 billion, a P/E ratio of -6.27 and a beta of 0.68. The company's fifty day moving average price is $19.93 and its 200-day moving average price is $24.94.

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

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the firm's stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the transaction, the chief executive officer now owns 972,992 shares of the company's stock, valued at approximately $23,449,107.20. This trade represents a 0.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sciences Ltd. Roivant purchased 16,845,010 shares of Immunovant stock in a transaction dated 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 owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. This represents a 21.11 % increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 35,510 shares of company stock valued at $813,686 in the last three months. Company insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Immunovant

Large investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its holdings in shares of Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company's stock valued at $15,750,000 after acquiring an additional 91,259 shares during the period. Erste Asset Management GmbH bought a new stake in Immunovant during the third quarter valued at about $1,471,000. State Street Corp grew its stake in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company's stock valued at $86,167,000 after purchasing an additional 303,386 shares during the last quarter. Geode Capital Management LLC raised its holdings in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock worth $43,085,000 after purchasing an additional 96,924 shares in the last quarter. Finally, Tyro Capital Management LLC lifted its position in shares of Immunovant by 0.6% during the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock valued at $7,189,000 after buying an additional 1,529 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

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.