Immunovant (NASDAQ:IMVT) Stock Price Down 3.5% - What's Next?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s share price fell 3.5% during trading on Tuesday . The stock traded as low as $18.69 and last traded at $18.77. 77,914 shares traded hands during trading, a decline of 93% from the average session volume of 1,079,383 shares. The stock had previously closed at $19.44.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IMVT shares. Wolfe Research cut Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. Wells Fargo & Company lowered their target price on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research note on Thursday, December 19th. Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 price target for the company. Finally, Guggenheim reissued a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. One research analyst has rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Immunovant presently has an average rating of "Buy" and a consensus price target of $41.00.

Immunovant Trading Down 2.2 %

The stock has a market cap of $3.12 billion, a P/E ratio of -7.01 and a beta of 0.68. The firm's fifty day moving average is $20.36 and its 200 day moving average is $25.24.

Remove Ads

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

Insider Transactions at Immunovant

In other news, Director Andrew J. Fromkin sold 8,000 shares of the firm's stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the completion of the sale, the director now owns 91,913 shares of the company's stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 2,195 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total value of $51,780.05. Following the completion of the transaction, the chief technology officer now directly owns 139,991 shares in the company, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,510 shares of company stock valued at $813,686. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. acquired a new stake in Immunovant in the 4th quarter valued at about $76,000. KBC Group NV lifted its holdings in Immunovant by 60.1% during the 4th quarter. KBC Group NV now owns 3,099 shares of the company's stock worth $77,000 after buying an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. bought a new position in Immunovant in the 4th quarter valued at $221,000. KLP Kapitalforvaltning AS bought a new stake in shares of Immunovant during the fourth quarter worth $268,000. Finally, Aigen Investment Management LP bought a new stake in shares of Immunovant during the fourth quarter worth $270,000. 47.08% of the stock is owned by 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.