Immunovant (NASDAQ:IMVT) Shares Down 3.3%

Immunovant, Inc. (NASDAQ:IMVT)’s stock price fell 3.3% during mid-day trading on Tuesday . The stock traded as low as $26.56 and last traded at $26.60. 106,437 shares were traded during mid-day trading, a decline of 91% from the average session volume of 1,206,081 shares. The stock had previously closed at $27.51.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research note on Thursday, May 30th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Tuesday, June 18th. Truist Financial reissued a “buy” rating and set a $48.00 price objective on shares of Immunovant in a research note on Monday, March 25th. Oppenheimer decreased their price objective on shares of Immunovant from $50.00 to $46.00 and set an “outperform” rating for the company in a report on Monday, June 3rd. Finally, The Goldman Sachs Group assumed coverage on shares of Immunovant in a report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 target price on the stock. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $48.75.

Immunovant Price Performance

The firm’s 50-day moving average is $27.74 and its 200 day moving average is $33.01.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Wednesday, May 29th. The company reported ($0.52) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.44) by ($0.08). During the same quarter in the previous year, the business earned ($0.46) earnings per share. On average, equities analysts predict that Immunovant, Inc. will post -2.11 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other Immunovant news, CFO Eva Renee Barnett sold 3,689 shares of the company’s stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $115,023.02. Following the completion of the transaction, the chief financial officer now owns 371,709 shares of the company’s stock, valued at approximately $11,589,886.62. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Eva Renee Barnett sold 3,689 shares of the business’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 $115,023.02. Following the sale, the chief financial officer now owns 371,709 shares of the company’s stock, valued at $11,589,886.62. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Peter Salzmann sold 16,163 shares of the firm’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $29.65, for a total transaction of $479,232.95. Following the completion of the transaction, the chief executive officer now directly owns 1,036,716 shares of the company’s stock, valued at approximately $30,738,629.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 99,948 shares of company stock valued at $2,936,889. 5.90% of the stock is owned by insiders.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently bought and sold shares of IMVT. Boxer Capital LLC grew its stake in Immunovant by 33.3% in the fourth quarter. Boxer Capital LLC now owns 1,000,000 shares of the company’s stock valued at $42,130,000 after purchasing an additional 250,000 shares in the last quarter. WCM Investment Management LLC acquired a new position in Immunovant during the fourth quarter worth $4,548,000. Allspring Global Investments Holdings LLC raised its position in Immunovant by 590.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 42,865 shares of the company’s stock worth $1,806,000 after acquiring an additional 36,659 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in Immunovant in the fourth quarter valued at $5,651,000. Finally, Russell Investments Group Ltd. grew its position in shares of Immunovant by 337.0% in the 4th quarter. Russell Investments Group Ltd. now owns 176,901 shares of the company’s stock valued at $7,453,000 after acquiring an additional 136,418 shares during the period. 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.