Immunovant (NASDAQ:IMVT) Shares Gap Down - Here's What Happened

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s share price gapped down prior to trading on Friday . The stock had previously closed at $25.19, but opened at $24.52. Immunovant shares last traded at $25.20, with a volume of 32,596 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IMVT. Wolfe Research cut shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday. Wells Fargo & Company cut their target price on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, December 19th. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. Oppenheimer boosted their price objective on Immunovant from $47.00 to $53.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 9th. Finally, Raymond James restated an "outperform" rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and an average target price of $47.22.

Immunovant Price Performance

The firm has a fifty day moving average of $27.75 and a 200 day moving average of $28.69. The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -11.18 and a beta of 0.64.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period last year, the firm 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 Buying and Selling at Immunovant

In other news, CFO Eva Renee Barnett sold 5,162 shares of the company's stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $152,588.72. Following the transaction, the chief financial officer now directly owns 338,614 shares in the company, valued at approximately $10,009,429.84. This represents a 1.50 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Peter Salzmann sold 4,460 shares of Immunovant stock in a transaction that occurred 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 owns 1,003,884 shares of the company's stock, valued at $29,674,811.04. This trade represents a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,659 shares of company stock worth $2,096,890 in the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. lifted its stake in Immunovant by 7.4% during the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company's stock worth $9,561,000 after acquiring an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company's stock worth $15,750,000 after purchasing an additional 91,259 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after purchasing an additional 391,436 shares in the last quarter. Rubric Capital Management LP purchased a new position in shares of Immunovant in the second quarter valued at approximately $1,548,000. Finally, First Turn Management LLC grew its holdings in shares of Immunovant by 35.6% in the second quarter. First Turn Management LLC now owns 695,428 shares of the company's stock valued at $18,359,000 after purchasing an additional 182,535 shares in the last quarter. 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.