Immunovant (NASDAQ:IMVT) Shares Down 4.7% - Here's Why

Shares of Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) traded down 4.7% on Monday . The company traded as low as $16.13 and last traded at $15.99. 385,804 shares were traded during trading, a decline of 68% from the average session volume of 1,200,879 shares. The stock had previously closed at $16.77.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. HC Wainwright reaffirmed a "buy" rating and set a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Bank of America reduced their price target on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. Finally, Jefferies Financial Group began coverage on shares of Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Immunovant presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

Immunovant Stock Down 1.3%

The company has a market cap of $2.72 billion, a PE ratio of -6.08 and a beta of 0.61. The business's 50 day moving average price is $14.87 and its 200-day moving average price is $19.90.

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

Insider Buying and Selling

In related news, CEO Peter Salzmann sold 8,321 shares of Immunovant stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $14.89, for a total value of $123,899.69. Following the completion of the sale, the chief executive officer now owns 1,178,191 shares in the company, valued at approximately $17,543,263.99. The trade was a 0.70% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Eva Renee Barnett sold 2,993 shares of Immunovant stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total transaction of $44,565.77. Following the completion of the sale, the chief financial officer now owns 396,774 shares of the company's stock, valued at approximately $5,907,964.86. This trade represents a 0.75% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 43,682 shares of company stock worth $596,619. Insiders own 5.90% of the company's stock.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Strs Ohio acquired a new position in Immunovant in the first quarter worth $27,000. FNY Investment Advisers LLC acquired a new position in Immunovant in the first quarter worth $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Immunovant in the first quarter worth $37,000. Headlands Technologies LLC acquired a new position in Immunovant in the first quarter worth $51,000. Finally, Covestor Ltd boosted its holdings in Immunovant by 187.5% in the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after purchasing an additional 2,455 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.