Immunovant (NASDAQ:IMVT) Trading Down 5.7% – What’s Next?

Shares of Immunovant, Inc. (NASDAQ:IMVT) fell 5.7% on Thursday . The stock traded as low as $25.76 and last traded at $25.78. 761,888 shares were traded during mid-day trading, a decline of 54% from the average session volume of 1,640,681 shares. The stock had previously closed at $27.35.

Analyst Upgrades and Downgrades

IMVT has been the subject of several recent research reports. JPMorgan Chase & Co. lowered their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, September 30th. Truist Financial lifted their target price on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a report on Tuesday, January 6th. Finally, The Goldman Sachs Group raised their target price on Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.78.

Immunovant Stock Performance

The stock has a market cap of $4.60 billion, a P/E ratio of -9.25 and a beta of 0.57. The firm has a 50 day moving average of $24.83 and a two-hundred day moving average of $19.85.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter in the previous year, the business posted ($0.74) EPS. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, Director Andrew J. Fromkin sold 22,249 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.25, for a total value of $517,289.25. Following the sale, the director directly owned 85,852 shares in the company, valued at approximately $1,996,059. This represents a 20.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 1,203 shares of the business’s stock in a transaction on Wednesday, January 7th. The shares were sold at an average price of $26.53, for a total value of $31,915.59. Following the completion of the sale, the chief technology officer directly owned 199,611 shares in the company, valued at approximately $5,295,679.83. This represents a 0.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 67,006 shares of company stock valued at $1,584,347 over the last quarter. Company insiders own 1.80% of the company’s stock.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently made changes to their positions in IMVT. ADAR1 Capital Management LLC increased its position in shares of Immunovant by 319.0% during the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after purchasing an additional 1,706,687 shares in the last quarter. Norges Bank acquired a new stake in shares of Immunovant during the second quarter worth approximately $11,003,000. Armistice Capital LLC raised its stake in shares of Immunovant by 12.2% in the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Two Seas Capital LP boosted its holdings in shares of Immunovant by 37.1% in the 2nd quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock worth $36,044,000 after acquiring an additional 610,000 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in shares of Immunovant by 2,086.8% in the 2nd quarter. Adage Capital Partners GP L.L.C. now owns 463,600 shares of the company’s stock worth $7,418,000 after acquiring an additional 442,400 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.