Immunovant (NASDAQ:IMVT) Sets New 1-Year Low – Should You Sell?

Immunovant, Inc. (NASDAQ:IMVT) shares reached a new 52-week low on Monday . The company traded as low as $21.06 and last traded at $20.85, with a volume of 3360 shares. The stock had previously closed at $21.74.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Bank of America decreased their price target on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a report on Friday, January 3rd. Wells Fargo & Company cut their price objective on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a report on Thursday, December 19th. Oppenheimer lifted their price objective on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. Finally, Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Thursday. One research analyst has rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Immunovant currently has a consensus rating of “Buy” and a consensus target price of $47.00.

Immunovant Stock Performance

The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -9.32 and a beta of 0.65. The company has a 50-day moving average price of $25.45 and a 200-day moving average price of $28.04.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the business posted ($0.45) earnings per share. As a group, sell-side analysts anticipate that Immunovant, Inc. will post -2.84 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In other news, CFO Eva Renee Barnett sold 4,174 shares of the company’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 transaction of $106,228.30. Following the sale, the chief financial officer now owns 331,169 shares in the company, valued at $8,428,251.05. This represents a 1.24 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Peter Salzmann sold 16,692 shares of the company’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 sale, the chief executive officer now owns 978,097 shares in the company, valued at approximately $24,892,568.65. This represents a 1.68 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Squarepoint Ops LLC raised its stake in Immunovant by 5.6% in the 2nd quarter. Squarepoint Ops LLC now owns 49,288 shares of the company’s stock valued at $1,301,000 after acquiring an additional 2,615 shares during the period. Handelsbanken Fonder AB raised its stake in Immunovant by 29.0% in the 3rd quarter. Handelsbanken Fonder AB now owns 20,900 shares of the company’s stock valued at $596,000 after acquiring an additional 4,700 shares during the period. Exchange Traded Concepts LLC raised its stake in Immunovant by 53.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 27,122 shares of the company’s stock valued at $773,000 after acquiring an additional 9,438 shares during the period. Bank Pictet & Cie Europe AG bought a new stake in Immunovant in the 3rd quarter valued at $261,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in Immunovant by 21.4% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company’s stock valued at $148,000 after acquiring an additional 934 shares during the period. Institutional investors own 47.08% of the company’s stock.

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.