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

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

Analyst Ratings Changes

A number of brokerages recently commented on IMVT. Jefferies Financial Group initiated coverage on Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 target price for the company. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. HC Wainwright reissued a "buy" rating and set a $51.00 price objective on shares of Immunovant in a report on Wednesday, March 19th. UBS Group reiterated a "neutral" rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Finally, Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $38.33.

Immunovant Price Performance

The company has a market capitalization of $2.76 billion, a P/E ratio of -6.17 and a beta of 0.61. The firm has a fifty day moving average price of $14.83 and a 200-day moving average price of $20.03.

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

Insider Transactions at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 1,925 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $14.79, for a total value of $28,470.75. Following the sale, the chief technology officer now owns 209,243 shares in the company, valued at approximately $3,094,703.97. This represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Peter Salzmann sold 28,094 shares of the firm's stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the sale, the chief executive officer now directly owns 1,186,512 shares of the company's stock, valued at $15,412,790.88. This trade represents a 2.31% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,682 shares of company stock worth $596,619. 5.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in IMVT. Rhumbline Advisers raised its holdings in shares of Immunovant by 3.2% during 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. Strs Ohio purchased a new position in shares of Immunovant in the 1st quarter worth $27,000. Woodline Partners LP raised its position in shares of Immunovant by 133.0% during the 1st quarter. Woodline Partners LP now owns 1,497,869 shares of the company's stock valued at $25,599,000 after buying an additional 855,143 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Immunovant by 48.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock valued at $17,222,000 after acquiring an additional 329,354 shares during the last quarter. Finally, Two Seas Capital LP grew its position in Immunovant by 8.7% in the first quarter. Two Seas Capital LP now owns 1,642,772 shares of the company's stock worth $28,075,000 after acquiring an additional 131,158 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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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