Immunovant (NASDAQ:IMVT) Trading Down 5.3% - What's Next?

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s stock price dropped 5.3% on Tuesday . The company traded as low as $16.22 and last traded at $16.18. Approximately 990,905 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 1,484,908 shares. The stock had previously closed at $17.09.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IMVT. Wolfe Research downgraded shares of Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. 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. Guggenheim reissued a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Wells Fargo & Company reduced their price objective on Immunovant from $47.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, December 19th. Finally, Bank of America dropped their target price on Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $41.00.

Immunovant Stock Performance

The firm's fifty day moving average is $19.60 and its two-hundred day moving average is $24.74. The company has a market cap of $2.48 billion, a P/E ratio of -5.56 and a beta of 0.81.

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

Insider Buying and Selling at Immunovant

In related news, CFO Eva Renee Barnett sold 4,105 shares of the business's stock in a transaction on Wednesday, January 8th. The stock was sold at an average price of $24.10, for a total transaction of $98,930.50. Following the completion of the transaction, the chief financial officer now owns 327,064 shares in the company, valued at $7,882,242.40. The trade was a 1.24 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider William L. Macias sold 2,383 shares of Immunovant stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total value of $56,786.89. Following the sale, the insider now owns 359,408 shares of the company's stock, valued at approximately $8,564,692.64. This trade represents a 0.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock valued at $813,686 in the last 90 days. Insiders own 5.90% of the company's stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. grew its stake in Immunovant by 19.8% in 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. State Street Corp raised its holdings in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company's stock valued at $86,167,000 after acquiring an additional 303,386 shares in the last quarter. Geode Capital Management LLC lifted 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 worth $43,085,000 after acquiring an additional 96,924 shares during the period. Tyro Capital Management LLC grew its holdings in Immunovant by 0.6% during the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock worth $7,189,000 after acquiring an additional 1,529 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock valued at $27,117,000 after purchasing an additional 391,436 shares in the last quarter. 47.08% of the stock is currently 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.