Immunovant (NASDAQ:IMVT) Shares Gap Down - What's Next?

Key Points

• Immunovant's shares opened at $16.32 after previously closing at $18.32, reflecting a significant gap down prior to trading on Friday.
• UBS Group lowered its target price for Immunovant to $17.00, while Goldman Sachs set a target price of $18.00 after upgrading its rating to "hold."
• The company's latest earnings report showed a loss of ($0.64) per share, better than the consensus estimate of ($0.72).
• Insider trading activity included CTO Jay S. Stout selling 1,519 shares at an average price of $17.24, which decreased his position by 0.73%.

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $18.32, but opened at $16.32. Immunovant shares last traded at $16.78, with a volume of 993,639 shares changing hands.

Analysts Set New Price Targets

A number of brokerages have weighed in on IMVT. UBS Group reaffirmed a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price on the stock in a report on Thursday, July 10th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $36.30.

Immunovant Stock Performance

The company has a market cap of $2.89 billion, a price-to-earnings ratio of -6.17 and a beta of 0.63. The company has a fifty day moving average of $16.18 and a two-hundred day moving average of $17.76.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported ($0.64) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.08. The firm had revenue of $0.16 million for the quarter. During the same quarter last year, the business posted ($0.52) earnings per share. Equities analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, CTO Jay S. Stout sold 1,519 shares of the firm's stock in a transaction on Wednesday, July 9th. The stock was sold at an average price of $17.24, for a total transaction of $26,187.56. Following the completion of the transaction, the chief technology officer directly owned 207,724 shares of the company's stock, valued at $3,581,161.76. This trade represents a 0.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. raised its position in Immunovant by 21.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock worth $109,000 after purchasing an additional 1,037 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock worth $165,449,000 after acquiring an additional 20,614 shares in the last quarter. Bank of America Corp DE raised its position in shares of Immunovant by 50.4% in the 4th quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock worth $8,460,000 after acquiring an additional 114,511 shares in the last quarter. Rhumbline Advisers raised its position in shares of Immunovant by 3.2% in the 1st quarter. Rhumbline Advisers now owns 83,555 shares of the company's stock worth $1,428,000 after acquiring an additional 2,623 shares in the last quarter. Finally, Sei Investments Co. raised its position in shares of Immunovant by 4.0% in the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company's stock worth $1,002,000 after acquiring an additional 1,541 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

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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