Immunovant (NASDAQ:IMVT) Stock Price Down 6.3% - What's Next?

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 was down 6.3% during mid-day trading on Monday . The company traded as low as $14.46 and last traded at $14.49. Approximately 784,978 shares changed hands during mid-day 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

IMVT has been the topic of several research analyst reports. Bank of America reduced their price objective on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. dropped their price objective on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Tuesday. Citigroup restated a "buy" rating on shares of Immunovant in a report on Monday. UBS Group lifted their price objective on Immunovant from $17.00 to $18.00 and gave the stock 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 price objective on the stock in a report on Thursday, July 10th. Three investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned 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 $35.20.

Immunovant Trading Up 0.1%

The firm has a market cap of $2.65 billion, a price-to-earnings ratio of -5.34 and a beta of 0.66. The stock has a 50-day moving average of $16.50 and a 200-day moving average of $16.93.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same period last year, the business posted ($0.60) EPS. As a group, research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Immunovant news, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the transaction, the chief technology officer owned 204,919 shares in the company, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider owned 221,825 shares of the company's stock, valued at $4,026,123.75. This trade represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 7,869 shares of company stock valued at $140,384 in the last 90 days. Insiders own 1.80% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Immunovant by 21.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock worth $109,000 after buying an additional 1,037 shares in the last quarter. Bank of America Corp DE raised its stake 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 buying an additional 114,511 shares in the last quarter. Rhumbline Advisers raised its stake 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 buying an additional 2,623 shares in the last quarter. Wells Fargo & Company MN raised its stake in shares of Immunovant by 50.0% in the 4th quarter. Wells Fargo & Company MN now owns 28,063 shares of the company's stock worth $695,000 after buying an additional 9,349 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Immunovant by 4.0% during the fourth quarter. Northern Trust Corp now owns 527,367 shares of the company's stock worth $13,063,000 after purchasing an additional 20,377 shares during the period. Institutional investors and hedge funds 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.