Immunovant (NASDAQ:IMVT) Trading Down 5.3% – Time to Sell?

Immunovant, Inc. (NASDAQ:IMVT) traded down 5.3% on Tuesday . The company traded as low as $16.22 and last traded at $16.18. 990,905 shares traded hands during trading, a decline of 33% from the average session volume of 1,484,908 shares. The stock had previously closed at $17.09.

Analysts Set New Price Targets

Several brokerages have recently commented on IMVT. Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a research note on Tuesday, March 4th. Jefferies Financial Group started coverage on Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. Finally, Wells Fargo & Company dropped their price target on shares of 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, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average price target of $41.00.

Immunovant Trading Down 11.1 %

The stock has a market cap of $2.58 billion, a PE ratio of -5.81 and a beta of 0.68. The company’s 50 day moving average is $20.23 and its 200-day moving average is $25.10.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Buying and Selling at Immunovant

In other news, Director Sciences Ltd. Roivant bought 16,845,010 shares of the stock in a transaction on Monday, January 13th. The stock was acquired at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the acquisition, the director now directly owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. This trade represents a 21.11 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The stock was sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now directly owns 91,913 shares of the company’s stock, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,510 shares of company stock worth $813,686. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently added to or reduced their stakes in the stock. GF Fund Management CO. LTD. purchased a new position in shares of Immunovant in the 4th quarter worth about $76,000. KBC Group NV grew its position in Immunovant by 60.1% in the 4th quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares during the period. Ameriprise Financial Inc. bought a new position in Immunovant in the 4th quarter worth $221,000. KLP Kapitalforvaltning AS purchased a new stake in Immunovant in the 4th quarter worth $268,000. Finally, Aigen Investment Management LP bought a new position in shares of Immunovant during the 4th quarter valued at about $270,000. Institutional investors own 47.08% of the company’s stock.

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.