Immunovant (NASDAQ:IMVT) Hits New 52-Week Low – Here’s Why

Immunovant, Inc. (NASDAQ:IMVT)’s share price reached a new 52-week low on Tuesday . The stock traded as low as $22.41 and last traded at $22.75, with a volume of 1292713 shares trading hands. The stock had previously closed at $23.48.

Analyst Ratings Changes

IMVT has been the topic of several research analyst reports. Bank of America dropped their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday. Wells Fargo & Company decreased their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Friday, November 8th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Oppenheimer increased their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Immunovant Stock Performance

The company has a 50-day moving average of $26.79 and a 200-day moving average of $28.56.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period in the prior year, the business earned ($0.45) earnings per share. Equities analysts predict that Immunovant, Inc. will post -2.75 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the stock in a transaction on Monday, January 13th. The shares were acquired at an average price of $20.00 per share, for a total transaction of $336,900,200.00. Following the transaction, the director now owns 96,650,341 shares in the company, valued at approximately $1,933,006,820. This trade represents a 21.11 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eva Renee Barnett sold 4,174 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $106,228.30. Following the sale, the chief financial officer now directly owns 331,169 shares in the company, valued at $8,428,251.05. This trade represents a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 61,693 shares of company stock valued at $1,586,625 over the last 90 days. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Immunovant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. KBC Group NV boosted its stake in Immunovant by 46.2% during the 3rd quarter. KBC Group NV now owns 1,936 shares of the company’s stock worth $55,000 after purchasing an additional 612 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in Immunovant by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock worth $148,000 after acquiring an additional 934 shares during the last quarter. Assetmark Inc. grew its stake in Immunovant by 73.8% during the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after acquiring an additional 1,228 shares in the last quarter. Tyro Capital Management LLC raised its holdings in Immunovant by 0.6% in the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock valued at $7,189,000 after acquiring an additional 1,529 shares during the last quarter. Finally, Quest Partners LLC lifted its stake in Immunovant by 216.7% in the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after purchasing an additional 1,786 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.