Immunovant (NASDAQ:IMVT) Shares Down 3.6%

Immunovant, Inc. (NASDAQ:IMVT)’s stock price traded down 3.6% on Wednesday . The stock traded as low as $29.30 and last traded at $29.31. 83,640 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,212,757 shares. The stock had previously closed at $30.40.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. HC Wainwright boosted their target price on shares of Immunovant from $47.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, December 21st. Bank of America boosted their target price on shares of Immunovant from $49.00 to $51.00 and gave the company a “buy” rating in a report on Thursday, December 21st. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Friday, January 12th. Wolfe Research began coverage on shares of Immunovant in a report on Thursday, February 15th. They issued an “outperform” rating and a $55.00 target price on the stock. Finally, Oppenheimer began coverage on shares of Immunovant in a research note on Thursday, March 28th. They issued an “outperform” rating and a $50.00 price target on the stock. Seventeen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Immunovant has an average rating of “Buy” and an average price target of $48.00.

Immunovant Stock Performance

The firm’s 50 day moving average is $33.42 and its two-hundred day moving average is $36.21. The stock has a market capitalization of $4.17 billion, a PE ratio of -15.72 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Monday, February 12th. The company reported ($0.36) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. On average, analysts anticipate that Immunovant, Inc. will post -1.7 EPS for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Julia G. Butchko sold 1,053 shares of the stock in a transaction that occurred on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $32,832.54. Following the sale, the insider now directly owns 461,742 shares of the company’s stock, valued at approximately $14,397,115.56. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Peter Salzmann sold 4,807 shares of the company’s stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total value of $149,882.26. Following the completion of the transaction, the chief executive officer now owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider Julia G. Butchko sold 1,053 shares of the stock in a transaction on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $32,832.54. Following the sale, the insider now owns 461,742 shares of the company’s stock, valued at approximately $14,397,115.56. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,064 shares of company stock valued at $612,982. Insiders own 4.80% of the company’s stock.

Institutional Trading of Immunovant

Several hedge funds have recently made changes to their positions in IMVT. Comerica Bank acquired a new stake in shares of Immunovant in the 3rd quarter worth $26,000. Headlands Technologies LLC purchased a new position in shares of Immunovant in the 4th quarter valued at about $27,000. Ensign Peak Advisors Inc increased its holdings in shares of Immunovant by 72.6% in the 3rd quarter. Ensign Peak Advisors Inc now owns 6,350 shares of the company’s stock valued at $35,000 after purchasing an additional 2,670 shares in the last quarter. UBS Group AG increased its holdings in shares of Immunovant by 205.7% in the 3rd quarter. UBS Group AG now owns 6,978 shares of the company’s stock valued at $39,000 after purchasing an additional 4,695 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Immunovant by 2,558.1% in the 2nd quarter. Barclays PLC now owns 2,286 shares of the company’s stock valued at $43,000 after purchasing an additional 2,200 shares in the last quarter. Institutional investors and hedge funds 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.