Immunovant (NASDAQ:IMVT) Stock Price Down 5% on Disappointing Earnings

Shares of Immunovant, Inc. (NASDAQ:IMVT) dropped 5% during trading on Thursday following a dissappointing earnings announcement. The company traded as low as $21.71 and last traded at $21.38. Approximately 72,100 shares were traded during trading, a decline of 94% from the average daily volume of 1,153,443 shares. The stock had previously closed at $22.51.

The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08).

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. HC Wainwright reissued a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. Raymond James reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Bank of America dropped their target price on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. Finally, Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $47.00.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Mark S. Levine sold 3,650 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the transaction, the insider now directly owns 319,228 shares of the company’s stock, valued at $8,124,352.60. This represents a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Peter Salzmann sold 16,692 shares of Immunovant stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $424,811.40. Following the sale, the chief executive officer now owns 978,097 shares of the company’s stock, valued at approximately $24,892,568.65. This represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is currently owned by company insiders.

Institutional Trading of Immunovant

Several large investors have recently added to or reduced their stakes in IMVT. FMR LLC lifted its stake in shares of Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after purchasing an additional 2,053,688 shares during the last quarter. State Street Corp raised its holdings in Immunovant by 11.2% during 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. Geode Capital Management LLC lifted its position in shares of 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 buying an additional 96,924 shares during the last quarter. Baker BROS. Advisors LP boosted its stake in shares of Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after acquiring an additional 760,692 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in shares of Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after acquiring an additional 391,436 shares during the last quarter. 47.08% of the stock is owned by institutional investors.

Immunovant Stock Performance

The stock has a 50 day moving average of $25.08 and a two-hundred day moving average of $27.89. The firm has a market capitalization of $3.46 billion, a P/E ratio of -9.17 and a beta of 0.65.

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.