Immunovant (NASDAQ:IMVT) Reaches New 12-Month Low on Insider Selling

Shares of Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during mid-day trading on Monday following insider selling activity. The company traded as low as $22.35 and last traded at $22.38, with a volume of 462944 shares traded. The stock had previously closed at $23.05.

Specifically, insider Michael Geffner sold 2,657 shares of Immunovant stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $62,678.63. Following the sale, the insider now owns 132,314 shares in the company, valued at approximately $3,121,287.26. The trade was a 1.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Jay S. Stout sold 2,195 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the completion of the sale, the chief technology officer now directly owns 139,991 shares of the company’s stock, valued at approximately $3,302,387.69. This trade represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IMVT. HC Wainwright reissued a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Raymond James reiterated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. Oppenheimer lifted their price objective on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Bank of America decreased their target price on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research note on Wednesday, January 15th. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat, Immunovant currently has an average rating of “Moderate Buy” and a consensus target price of $47.00.

Immunovant Stock Performance

The firm has a market capitalization of $3.29 billion, a price-to-earnings ratio of -10.09 and a beta of 0.66. The firm has a fifty day moving average price of $25.85 and a 200 day moving average price of $28.33.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the business earned ($0.45) earnings per share. Research analysts predict that Immunovant, Inc. will post -2.75 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IMVT. Victory Capital Management Inc. grew its holdings in shares of Immunovant by 7.4% in 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 during the period. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Immunovant by 69.9% in the third 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 during the last quarter. State Street Corp increased its position 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 buying an additional 303,386 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after buying an additional 96,924 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.