Immunovant (NASDAQ:IMVT) Shares Gap Down – Time to Sell?

Immunovant, Inc. (NASDAQ:IMVT) shares gapped down before the market opened on Friday . The stock had previously closed at $25.19, but opened at $24.52. Immunovant shares last traded at $25.20, with a volume of 32,596 shares traded.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IMVT shares. Raymond James reissued an “outperform” rating and issued a $36.00 price target on shares of Immunovant in a research note on Thursday, October 10th. Oppenheimer increased their target price on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Friday, November 8th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. One investment analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $47.22.

Immunovant Price Performance

The stock has a market cap of $3.72 billion, a price-to-earnings ratio of -11.41 and a beta of 0.64. The firm’s fifty day moving average price is $27.75 and its two-hundred day moving average price is $28.69.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same period last year, the business earned ($0.45) earnings per share. On average, equities research analysts anticipate that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Insider Transactions at Immunovant

In other news, CEO Peter Salzmann sold 16,692 shares of the firm’s stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the transaction, the chief executive officer now owns 978,097 shares in the company, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark S. Levine sold 3,650 shares of Immunovant stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $92,892.50. Following the transaction, the insider now directly owns 319,228 shares in the company, valued at approximately $8,124,352.60. The trade was a 1.13 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 77,659 shares of company stock valued at $2,096,890 over the last ninety days. 5.90% of the stock is owned by company insiders.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently bought and sold shares of the company. FMR LLC lifted its position in shares of Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after purchasing an additional 2,053,688 shares in the last quarter. Armistice Capital LLC increased its stake in Immunovant by 57.0% in the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after buying an additional 1,232,909 shares during the last quarter. Baker BROS. Advisors LP lifted its position in shares of Immunovant by 163.7% during the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after buying an additional 760,692 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.