Immunovant (NASDAQ:IMVT) Shares Down 8.3% - Here's Why

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s stock price fell 8.3% during mid-day trading on Monday . The stock traded as low as $19.12 and last traded at $18.88. 229,001 shares were traded during mid-day trading, a decline of 81% from the average session volume of 1,235,833 shares. The stock had previously closed at $20.60.

Analyst Upgrades and Downgrades

IMVT has been the subject of a number of research analyst reports. Jefferies Financial Group began coverage on Immunovant in a report on Monday. They set a "hold" rating and a $20.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Friday, February 7th. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday. Wolfe Research lowered Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, Wells Fargo & Company dropped their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, December 19th. Two research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.55.

Immunovant Trading Up 0.5 %

The firm has a market capitalization of $3.32 billion, a price-to-earnings ratio of -7.45 and a beta of 0.68. The stock has a fifty day moving average of $21.94 and a 200-day moving average of $26.63.

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

Insider Buying and Selling at Immunovant

In related news, insider William L. Macias sold 2,383 shares of the company's stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the completion of the sale, the insider now owns 359,408 shares in the company, valued at $8,564,692.64. This represents a 0.66 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the stock in a transaction that occurred on Monday, January 13th. The stock was purchased at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the transaction, the director now owns 96,650,341 shares in the company, valued at $1,933,006,820. This represents a 21.11 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 27,510 shares of company stock valued at $656,886. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

Large investors have recently added to or reduced their stakes in the company. KBC Group NV lifted its stake in Immunovant by 46.2% in the 3rd quarter. KBC Group NV now owns 1,936 shares of the company's stock valued at $55,000 after purchasing an additional 612 shares during the last quarter. Rhumbline Advisers increased its holdings in shares of Immunovant by 1.5% during the fourth quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock worth $2,005,000 after purchasing an additional 1,188 shares during the period. Swiss National Bank increased its stake in Immunovant by 1.2% in the fourth quarter. Swiss National Bank now owns 100,800 shares of the company's stock valued at $2,497,000 after acquiring an additional 1,200 shares during the last quarter. Assetmark Inc. increased its stake in Immunovant by 73.8% in the third quarter. Assetmark Inc. now owns 2,891 shares of the company's stock valued at $82,000 after acquiring an additional 1,228 shares during the last quarter. Finally, Tyro Capital Management LLC increased its stake in Immunovant by 0.6% in the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock valued at $7,189,000 after acquiring an additional 1,529 shares during 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.