Shares of Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) reached a new 52-week low during mid-day trading on Friday . The company traded as low as $24.61 and last traded at $24.63, with a volume of 190313 shares trading hands. The stock had previously closed at $25.73.
Wall Street Analysts Forecast Growth
IMVT has been the topic of several analyst reports. Oppenheimer raised their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. Finally, Wells Fargo & Company decreased their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $47.22.
Check Out Our Latest Stock Analysis on Immunovant
Immunovant Stock Down 4.8 %
Immunovant (NASDAQ:IMVT – Get Free Report) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the business posted ($0.45) earnings per share. Analysts predict that Immunovant, Inc. will post -2.73 earnings per share for the current year.
Insider Buying and Selling at Immunovant
In related news, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $424,811.40. Following the completion of the sale, the chief executive officer now owns 978,097 shares of the company’s stock, valued at $24,892,568.65. This represents a 1.68 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Eva Renee Barnett sold 5,162 shares of the stock in a transaction dated Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total transaction of $152,588.72. Following the sale, the chief financial officer now owns 338,614 shares in the company, valued at approximately $10,009,429.84. This trade represents a 1.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock worth $2,096,890 over the last 90 days. Insiders own 5.90% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMVT. FMR LLC increased its position in Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares during the period. Armistice Capital LLC increased its position in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after acquiring an additional 1,232,909 shares during the period. Baker BROS. Advisors LP raised its stake in Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after acquiring an additional 760,692 shares in the last quarter. Principal Financial Group Inc. raised its stake in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after acquiring an additional 391,436 shares in the last quarter. Finally, State Street Corp boosted its position in Immunovant by 11.2% during the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares during the period. 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.
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