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

Immunovant, Inc. (NASDAQ:IMVT)’s share price reached a new 52-week low during trading on Monday after an insider sold shares in the company. The company traded as low as $22.35 and last traded at $22.38, with a volume of 462944 shares trading hands. The stock had previously closed at $23.05.

Specifically, insider Michael Geffner sold 2,657 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 $62,678.63. Following the transaction, the insider now owns 132,314 shares of the company’s stock, valued at approximately $3,121,287.26. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Jay S. Stout sold 2,195 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following 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.

Analysts Set New Price Targets

A number of research firms have recently commented on IMVT. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Bank of America cut their price objective on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. Wells Fargo & Company lowered their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, HC Wainwright restated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $47.00.

Immunovant Price Performance

The firm’s fifty day moving average is $25.85 and its two-hundred day moving average is $28.33. The firm has a market cap of $3.29 billion, a price-to-earnings ratio of -10.09 and a beta of 0.66.

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

Institutional Investors Weigh In On Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of the business. abrdn plc boosted its holdings in Immunovant by 11.1% during the fourth quarter. abrdn plc now owns 532,110 shares of the company’s stock worth $13,180,000 after buying an additional 53,353 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Immunovant by 10.6% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 31,124 shares of the company’s stock valued at $771,000 after acquiring an additional 2,973 shares during the last quarter. KBC Group NV boosted its stake in shares of Immunovant by 60.1% during the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after acquiring an additional 1,163 shares in the last quarter. Principal Financial Group Inc. grew 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 worth $27,117,000 after acquiring an additional 391,436 shares during the last quarter. Finally, Tyro Capital Management LLC raised its position in shares of Immunovant by 0.6% during the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock worth $7,189,000 after purchasing an additional 1,529 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

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.