Immunovant (NASDAQ:IMVT) Stock Price Down 3.6%

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) traded down 3.6% during mid-day trading on Wednesday . The stock traded as low as $29.30 and last traded at $29.31. 83,640 shares were traded during mid-day trading, a decline of 93% from the average session volume of 1,212,757 shares. The stock had previously closed at $30.40.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. assumed coverage on shares of Immunovant in a research note on Tuesday, February 20th. They issued an "overweight" rating and a $51.00 target price on the stock. Oppenheimer assumed coverage on shares of Immunovant in a research note on Thursday, March 28th. They issued an "outperform" rating and a $50.00 target price on the stock. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a research note on Friday, January 12th. Truist Financial reissued a "buy" rating and set a $48.00 price objective on shares of Immunovant in a research note on Monday, March 25th. Finally, Wolfe Research initiated coverage on shares of Immunovant in a research note on Thursday, February 15th. They set an "outperform" rating and a $55.00 price objective on the stock. Seventeen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant presently has a consensus rating of "Buy" and an average target price of $48.00.

Immunovant Stock Down 6.5 %

The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of -15.52 and a beta of 0.65. The stock's fifty day moving average price is $33.42 and its 200-day moving average price is $36.21.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Monday, February 12th. The company reported ($0.36) earnings per share for the quarter, topping analysts' consensus estimates of ($0.43) by $0.07. Analysts anticipate that Immunovant, Inc. will post -1.7 EPS for the current year.

Insider Activity

In other news, insider Mark S. Levine sold 3,027 shares of the business's stock in a transaction dated Friday, January 26th. The shares were sold at an average price of $37.92, for a total value of $114,783.84. Following the completion of the sale, the insider now owns 304,102 shares of the company's stock, valued at $11,531,547.84. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of the stock in a transaction dated Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $149,882.26. Following the sale, the chief executive officer now directly owns 1,086,958 shares in the company, valued at $33,891,350.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark S. Levine sold 3,027 shares of the stock in a transaction dated Friday, January 26th. The stock was sold at an average price of $37.92, for a total transaction of $114,783.84. Following the sale, the insider now owns 304,102 shares in the company, valued at $11,531,547.84. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,064 shares of company stock valued at $612,982. 4.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

Large investors have recently bought and sold shares of the company. State Board of Administration of Florida Retirement System raised its holdings in Immunovant by 3.0% in the 3rd quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the company's stock valued at $606,000 after buying an additional 460 shares during the last quarter. Rhumbline Advisers raised its holdings in Immunovant by 0.8% in the 2nd quarter. Rhumbline Advisers now owns 72,198 shares of the company's stock valued at $1,370,000 after buying an additional 550 shares during the last quarter. Alps Advisors Inc. raised its holdings in Immunovant by 0.6% in the 3rd quarter. Alps Advisors Inc. now owns 96,434 shares of the company's stock valued at $3,702,000 after buying an additional 578 shares during the last quarter. Headlands Technologies LLC bought a new position in Immunovant in the 4th quarter valued at approximately $27,000. Finally, CoreCap Advisors LLC raised its holdings in Immunovant by 11.2% in the 4th quarter. CoreCap Advisors LLC now owns 6,407 shares of the company's stock valued at $270,000 after buying an additional 647 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.