Immunovant (NASDAQ:IMVT) Hits New 12-Month Low - What's Next?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s share price reached a new 52-week low on Tuesday . The stock traded as low as $22.41 and last traded at $22.75, with a volume of 1292713 shares traded. The stock had previously closed at $23.48.

Wall Street Analyst Weigh In

IMVT has been the subject of several research analyst reports. Wells Fargo & Company dropped their price objective on Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. Raymond James reiterated an "outperform" rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wolfe Research cut shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Oppenheimer upped their price target on shares of Immunovant from $47.00 to $53.00 and gave the company an "outperform" rating in a research report on Wednesday, October 9th. Finally, HC Wainwright reiterated a "buy" rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $47.22.

Immunovant Price Performance

The company has a market capitalization of $3.36 billion, a P/E ratio of -10.31 and a beta of 0.66. The company has a 50 day moving average of $26.94 and a 200-day moving average of $28.58.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued 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 previous year, the company posted ($0.45) earnings per share. Research analysts predict that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 4,105 shares of the firm's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $98,930.50. Following the completion of the transaction, the chief financial officer now directly owns 327,064 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Peter Salzmann sold 9,095 shares of Immunovant stock in a transaction dated Wednesday, October 16th. The stock was sold at an average price of $28.79, for a total value of $261,845.05. Following the completion of the transaction, the chief executive officer now directly owns 994,789 shares of the company's stock, valued at approximately $28,639,975.31. This represents a 0.91 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 77,247 shares of company stock valued at $2,034,425. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

Several institutional investors have recently bought and sold shares of the company. FMR LLC raised 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 worth $357,446,000 after purchasing an additional 2,053,688 shares during the last quarter. Armistice Capital LLC raised its position in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company's stock worth $89,678,000 after buying an additional 1,232,909 shares during the last quarter. Baker BROS. Advisors LP raised its position in 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 buying an additional 760,692 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock valued at $27,117,000 after acquiring an additional 391,436 shares during the period. Finally, State Street Corp boosted its holdings 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 last quarter. 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.