Immunovant (NASDAQ:IMVT) Trading Down 6.3% - Should You Sell?

Key Points

• Immunovant's stock price declined by 6.3% to $14.49, with trading volume down 47% compared to the average.
• Analysts have a consensus rating of "Moderate Buy" for Immunovant, with an average price target of $35.33.
• Insiders have sold a total of 7,869 shares of Immunovant stock worth $140,384 over the last three months.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report)'s stock price dropped 6.3% during trading on Monday . The company traded as low as $14.46 and last traded at $14.49. Approximately 784,978 shares were traded during trading, a decline of 47% from the average daily volume of 1,467,870 shares. The stock had previously closed at $15.46.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Citigroup restated a "buy" rating on shares of Immunovant in a report on Monday. UBS Group increased their target price on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 target price for the company in a report on Thursday, July 10th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $35.33.

Immunovant Stock Down 4.5%

The firm has a market capitalization of $2.52 billion, a price-to-earnings ratio of -5.39 and a beta of 0.66. The stock's 50 day moving average price is $16.55 and its two-hundred day moving average price is $17.11.

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

Insider Buying and Selling at Immunovant

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares of the company's stock, valued at $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the transaction, the insider directly owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock worth $140,384 over the last three months. Company insiders own 1.80% of the company's stock.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Immunovant by 3.9% in the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock valued at $118,551,000 after purchasing an additional 257,445 shares during the last quarter. Deep Track Capital LP grew its position in shares of Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after purchasing an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its position in shares of Immunovant by 15.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company's stock valued at $100,743,000 after purchasing an additional 777,590 shares during the last quarter. Baker BROS. Advisors LP grew its position in shares of Immunovant by 219.6% in the first quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock valued at $93,275,000 after purchasing an additional 3,750,000 shares during the last quarter. Finally, Alpine Global Management LLC grew its position in shares of Immunovant by 21.7% in the first quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock valued at $44,890,000 after purchasing an additional 467,788 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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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