Immunovant (NASDAQ:IMVT) Shares Down 5.2% - Should You Sell?

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) were down 5.2% on Wednesday . The company traded as low as $26.39 and last traded at $26.46. Approximately 151,383 shares were traded during mid-day trading, a decline of 86% from the average daily volume of 1,055,117 shares. The stock had previously closed at $27.91.

Wall Street Analyst Weigh In

A number of brokerages have commented on IMVT. Raymond James reaffirmed an "outperform" rating and set a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. HC Wainwright reissued a "buy" rating and issued a $51.00 price objective 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 company an "outperform" rating in a research report on Wednesday, October 9th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a research report on Monday, September 9th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $47.89.

Immunovant Stock Performance

The company has a market cap of $3.85 billion, a P/E ratio of -11.82 and a beta of 0.64. The business's fifty day moving average is $28.70 and its two-hundred day moving average is $28.73.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced 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 quarter in the previous year, the firm posted ($0.45) earnings per share. Analysts expect that Immunovant, Inc. will post -2.73 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, CFO Eva Renee Barnett sold 5,162 shares of the company's stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the sale, the chief financial officer now directly owns 338,614 shares in the company, valued at $10,009,429.84. This represents a 1.50 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Jay S. Stout sold 2,740 shares of Immunovant stock in a transaction dated Wednesday, October 23rd. The shares were sold at an average price of $29.53, for a total value of $80,912.20. Following the completion of the transaction, the chief technology officer now owns 142,186 shares in the company, valued at $4,198,752.58. This trade represents a 1.89 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 77,659 shares of company stock valued at $2,096,890. Company insiders own 5.90% of the company's stock.

Institutional Trading of Immunovant

Several large investors have recently bought and sold shares of IMVT. KBC Group NV lifted its stake in shares of Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company's stock worth $55,000 after buying an additional 612 shares during the period. Quest Partners LLC raised its stake in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company's stock worth $69,000 after purchasing an additional 1,786 shares during the last quarter. Headlands Technologies LLC acquired a new stake in Immunovant during the 2nd quarter valued at approximately $77,000. Assetmark Inc. boosted its holdings 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 purchasing an additional 1,228 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Immunovant by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock valued at $148,000 after buying an additional 934 shares during the last quarter. Hedge funds and other 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.