Immunovant (NASDAQ:IMVT) Shares Gap Down - What's Next?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $13.31, but opened at $12.77. Immunovant shares last traded at $12.94, with a volume of 193,169 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on IMVT shares. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research report on Wednesday, March 19th. Cantor Fitzgerald upgraded shares of Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Guggenheim reissued a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Jefferies Financial Group initiated coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective for the company. Finally, Bank of America lowered their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. One equities research analyst has rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Immunovant currently has an average rating of "Buy" and an average price target of $41.00.

Immunovant Trading Up 5.1 %

The firm has a 50-day moving average of $18.57 and a two-hundred day moving average of $24.03. The firm has a market cap of $2.62 billion, a price-to-earnings ratio of -5.89 and a beta of 0.81.

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Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). As a group, equities analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 28,094 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The stock was sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the transaction, the chief executive officer now owns 1,186,512 shares of the company's stock, valued at $15,412,790.88. This represents a 2.31 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Eva Renee Barnett sold 2,298 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $54,761.34. Following the completion of the sale, the chief financial officer now owns 324,766 shares of the company's stock, valued at $7,739,173.78. This represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 54,394 shares of company stock worth $956,666 in the last ninety days. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IMVT. State Street Corp raised its stake in shares of Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company's stock valued at $86,167,000 after buying an additional 303,386 shares in the last quarter. Geode Capital Management LLC increased its stake in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock valued at $43,085,000 after acquiring an additional 96,924 shares during the period. Tyro Capital Management LLC raised its position in Immunovant by 0.6% in the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock worth $7,189,000 after purchasing an additional 1,529 shares in the last quarter. Principal Financial Group Inc. lifted its stake in 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 during the period. Finally, KBC Group NV boosted its holdings in Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock valued at $77,000 after purchasing an additional 1,163 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.