Immunovant (NASDAQ:IMVT) Reaches New 12-Month Low on Disappointing Earnings

Immunovant, Inc. (NASDAQ:IMVT) hit a new 52-week low during mid-day trading on Monday following a weaker than expected earnings announcement. The stock traded as low as $19.82 and last traded at $19.60, with a volume of 702620 shares traded. The stock had previously closed at $20.41.

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

Wall Street Analyst Weigh In

IMVT has been the subject of a number of recent analyst reports. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Guggenheim cut their target price on Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a research note on Monday. Bank of America lowered their price target on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a research report on Wednesday, January 15th. Finally, HC Wainwright reiterated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday. One research analyst has rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus price target of $46.73.

Insiders Place Their Bets

In other Immunovant news, insider Mark S. Levine sold 3,650 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $92,892.50. Following the sale, the insider now directly owns 319,228 shares of the company’s stock, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Jay S. Stout sold 2,195 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the transaction, the chief technology officer now owns 139,991 shares of the company’s stock, valued at $3,302,387.69. The trade was a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Immunovant

Institutional investors have recently made changes to their positions in the company. KBC Group NV lifted its position 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 acquiring an additional 612 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of Immunovant by 73.8% during 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Immunovant by 21.4% during the third 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. Bank Pictet & Cie Europe AG bought a new stake in Immunovant in the 3rd quarter worth about $261,000. Finally, Aigen Investment Management LP purchased a new position in Immunovant in the 4th quarter worth about $270,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Trading Down 4.4 %

The company’s 50 day simple moving average is $24.75 and its 200-day simple moving average is $27.79. The firm has a market cap of $3.32 billion, a P/E ratio of -7.45 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.