Immunovant (NASDAQ:IMVT) Reaches New 52-Week Low – Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT) shares reached a new 52-week low during mid-day trading on Monday . The company traded as low as $21.06 and last traded at $20.85, with a volume of 3360 shares. The stock had previously closed at $21.74.

Wall Street Analysts Forecast Growth

IMVT has been the topic of a number of research reports. Oppenheimer boosted their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Thursday, January 30th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Raymond James restated an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. Finally, Wells Fargo & Company lowered their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. One equities research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Immunovant presently has an average rating of “Buy” and a consensus price target of $47.00.

Immunovant Stock Performance

The business’s fifty day moving average price is $25.33 and its 200-day moving average price is $27.98.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the firm posted ($0.45) EPS. As a group, sell-side analysts forecast that Immunovant, Inc. will post -2.84 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction that occurred 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 in the company, valued at $3,302,387.69. This represents a 1.54 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William L. Macias sold 2,383 shares of the business’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $56,786.89. Following the sale, the insider now owns 359,408 shares of the company’s stock, valued at $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 have sold a total of 72,892 shares of company stock worth $1,811,857 in the last ninety days. Insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the stock. FMR LLC raised its holdings in Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after purchasing an additional 2,053,688 shares during the period. State Street Corp increased its position in Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares in the last quarter. Geode Capital Management LLC raised its stake 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 period. Baker BROS. Advisors LP raised its stake in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after buying an additional 760,692 shares during the period. Finally, Principal Financial Group Inc. lifted its position 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 buying an additional 391,436 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other 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.