Immunovant (NASDAQ:IMVT) Stock Price Down 5.7% – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT) shares were down 5.7% during mid-day trading on Thursday . The stock traded as low as $25.76 and last traded at $25.78. Approximately 761,888 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 1,640,681 shares. The stock had previously closed at $27.35.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. The Goldman Sachs Group raised their price objective on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research note on Monday, December 15th. Truist Financial increased their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. Guggenheim reaffirmed a “buy” rating and set a $41.00 price target on shares of Immunovant in a report on Thursday, December 18th. JPMorgan Chase & Co. lowered their price objective on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. Finally, Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.78.

Immunovant Stock Performance

The company has a market cap of $4.56 billion, a PE ratio of -9.15 and a beta of 0.57. The stock’s 50 day moving average price is $24.73 and its 200-day moving average price is $19.73.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Monday, November 10th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same quarter in the prior year, the firm posted ($0.74) earnings per share. On average, analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, Director Douglas J. Hughes sold 15,000 shares of the business’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the transaction, the director owned 120,773 shares of the company’s stock, valued at approximately $2,806,764.52. The trade was a 11.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Jay S. Stout sold 1,203 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $26.53, for a total transaction of $31,915.59. Following the completion of the sale, the chief technology officer owned 199,611 shares in the company, valued at $5,295,679.83. This represents a 0.60% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 67,006 shares of company stock worth $1,584,347 in the last ninety days. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Immunovant

A number of large investors have recently made changes to their positions in IMVT. Arizona State Retirement System increased its holdings in Immunovant by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock valued at $326,000 after acquiring an additional 430 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Immunovant by 11.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock worth $106,000 after buying an additional 675 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after acquiring an additional 900 shares during the period. Ameritas Investment Partners Inc. grew its holdings in shares of Immunovant by 14.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock worth $112,000 after purchasing an additional 904 shares during the last quarter. Finally, Strs Ohio bought a new stake in shares of Immunovant during the first quarter valued at approximately $27,000. 47.08% of the stock is currently owned by institutional investors.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.