Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) reached a new 52-week low on Monday after an insider sold shares in the company. The company traded as low as $22.35 and last traded at $22.38, with a volume of 462944 shares. The stock had previously closed at $23.05.
Specifically, insider Michael Geffner sold 2,657 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $62,678.63. Following the completion of the transaction, the insider now directly owns 132,314 shares in the company, valued at $3,121,287.26. This trade represents a 1.97 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the completion of the sale, the chief technology officer now owns 139,991 shares in the company, valued at approximately $3,302,387.69. This trade represents a 1.54 % decrease in their position. The disclosure for this sale can be found here.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the company. Raymond James restated an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. Oppenheimer lifted their price target on Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Wells Fargo & Company dropped their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Immunovant currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.
Immunovant Trading Down 1.7 %
The stock has a market cap of $3.23 billion, a P/E ratio of -9.92 and a beta of 0.66. The company’s 50 day moving average price is $25.79 and its two-hundred day moving average price is $28.28.
Immunovant (NASDAQ:IMVT – Get Free Report) last posted its quarterly earnings data 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 previous year, the firm posted ($0.45) earnings per share. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.75 earnings per share for the current year.
Hedge Funds Weigh In On Immunovant
Several large investors have recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after purchasing an additional 2,053,688 shares during the period. State Street Corp lifted its position in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after acquiring an additional 303,386 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after acquiring an additional 96,924 shares during the period. Baker BROS. Advisors LP grew its position in shares of Immunovant by 163.7% during the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after purchasing an additional 760,692 shares in the last quarter. Finally, 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 purchasing an additional 391,436 shares during the period. Hedge funds and other 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.
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