Immunovant (NASDAQ:IMVT) Sets New 1-Year Low – Time to Sell?

Shares of Immunovant, Inc. (NASDAQ:IMVT) reached a new 52-week low during trading on Monday . The stock traded as low as $16.90 and last traded at $17.22, with a volume of 178412 shares changing hands. The stock had previously closed at $18.37.

Analysts Set New Price Targets

A number of analysts have recently weighed in on IMVT shares. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Wells Fargo & Company cut 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. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. Guggenheim reissued a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. Finally, Jefferies Financial Group initiated coverage on Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. One analyst has rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Immunovant presently has an average rating of “Buy” and an average target price of $41.00.

Immunovant Price Performance

The company has a fifty day moving average price of $20.06 and a two-hundred day moving average price of $25.00. The company has a market capitalization of $2.58 billion, a P/E ratio of -5.80 and a beta of 0.68.

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

Insider Activity at Immunovant

In related news, Director Sciences Ltd. Roivant bought 16,845,010 shares of Immunovant stock in a transaction that occurred on Monday, January 13th. The shares were acquired at an average cost of $20.00 per share, for a total transaction of $336,900,200.00. Following the completion of the acquisition, the director now directly owns 96,650,341 shares of the company’s stock, valued at approximately $1,933,006,820. The trade was a 21.11 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider William L. Macias sold 2,383 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total transaction of $56,786.89. Following the transaction, the insider now owns 359,408 shares of the company’s stock, valued at approximately $8,564,692.64. The trade was a 0.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 35,510 shares of company stock worth $813,686 over the last three months. Company insiders own 5.90% of the company’s stock.

Institutional Trading of Immunovant

A number of institutional investors have recently bought and sold shares of IMVT. GF Fund Management CO. LTD. bought a new position in shares of Immunovant in the 4th quarter worth about $76,000. KBC Group NV increased its holdings in Immunovant by 60.1% in the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock worth $77,000 after purchasing an additional 1,163 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Immunovant in the fourth quarter worth approximately $221,000. KLP Kapitalforvaltning AS acquired a new position in Immunovant in the fourth quarter valued at approximately $268,000. Finally, Aigen Investment Management LP bought a new position in shares of Immunovant during the 4th quarter worth approximately $270,000. Institutional investors own 47.08% of the company’s stock.

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.