Immunovant (NASDAQ:IMVT) Reaches New 52-Week Low - Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) shares hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $24.61 and last traded at $24.63, with a volume of 190313 shares trading hands. The stock had previously closed at $25.73.

Analyst Upgrades and Downgrades

Several analysts have recently commented on IMVT shares. HC Wainwright restated a "buy" rating and set a $51.00 target price on shares of Immunovant in a report on Friday, November 8th. Oppenheimer increased 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. Wells Fargo & Company lowered their price objective 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. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a research report on Monday, September 9th. Finally, Raymond James restated an "outperform" rating and issued a $36.00 price objective on shares of Immunovant in a research report on Thursday, October 10th. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $47.22.

Immunovant Price Performance

The business's 50 day simple moving average is $28.17 and its 200-day simple moving average is $28.72. The stock has a market capitalization of $3.59 billion, a P/E ratio of -11.03 and a beta of 0.64.

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

Insider Transactions at Immunovant

In other news, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now owns 338,614 shares of the company's stock, valued at $10,009,429.84. This represents a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of the business's stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $131,837.60. Following the completion of the sale, the chief executive officer now directly owns 1,003,884 shares in the company, valued at $29,674,811.04. This represents a 0.44 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,659 shares of company stock valued at $2,096,890 over the last three months. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in shares of Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company's stock worth $357,446,000 after buying an additional 2,053,688 shares during the period. Armistice Capital LLC lifted its stake in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company's stock valued at $89,678,000 after acquiring an additional 1,232,909 shares in the last quarter. Baker BROS. Advisors LP boosted its position in Immunovant by 163.7% during 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 last quarter. Principal Financial Group Inc. boosted its position in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after acquiring an additional 391,436 shares during the last quarter. Finally, State Street Corp grew its stake 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 worth $86,167,000 after acquiring an additional 303,386 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

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.