Immunovant (NASDAQ:IMVT) Shares Gap Down – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT)’s share price gapped down prior to trading on Friday . The stock had previously closed at $25.19, but opened at $24.52. Immunovant shares last traded at $25.20, with a volume of 32,596 shares changing hands.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Raymond James reiterated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Oppenheimer lifted their target price on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company decreased their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. One analyst has rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $47.22.

Immunovant Trading Down 1.5 %

The firm’s 50-day moving average price is $27.64 and its 200 day moving average price is $28.70. The company has a market cap of $3.64 billion, a price-to-earnings ratio of -11.18 and a beta of 0.64.

Immunovant (NASDAQ:IMVT) last posted 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 last year, the business posted ($0.45) EPS. Analysts forecast that Immunovant, Inc. will post -2.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Immunovant news, insider Mark S. Levine sold 3,650 shares of the business’s stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the completion of the sale, the insider now owns 319,228 shares in the company, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider William L. Macias sold 3,188 shares of the firm’s stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $91,782.52. Following the completion of the transaction, the insider now directly owns 365,144 shares in the company, valued at $10,512,495.76. This trade represents a 0.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 77,659 shares of company stock valued at $2,096,890. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently added to or reduced their stakes in the stock. KBC Group NV raised its stake in shares of Immunovant by 46.2% in the third 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. grew its holdings 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 buying an additional 934 shares in the last quarter. Assetmark Inc. raised its position in Immunovant by 73.8% in the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company’s stock valued at $82,000 after buying an additional 1,228 shares during the last quarter. Tyro Capital Management LLC lifted its stake in Immunovant by 0.6% during 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 in the last quarter. Finally, Quest Partners LLC boosted its holdings in Immunovant by 216.7% during the 2nd quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after acquiring an additional 1,786 shares during the last quarter. 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.