Immunovant (NASDAQ:IMVT) Sets New 1-Year Low on Disappointing Earnings

Immunovant, Inc. (NASDAQ:IMVT) shares hit a new 52-week low on Monday following a weaker than expected earnings announcement. The company traded as low as $19.82 and last traded at $19.60, with a volume of 702620 shares traded. The stock had previously closed at $20.41.

The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08).

Analysts Set New Price Targets

A number of research analysts have weighed in on IMVT shares. Bank of America lowered their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, January 15th. HC Wainwright restated a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a research note on Friday. Cantor Fitzgerald raised Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Finally, Guggenheim reduced their target price on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a report on Monday. One analyst has rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Immunovant has an average rating of “Buy” and an average target price of $46.73.

Insiders Place Their Bets

In other news, CEO Peter Salzmann sold 16,692 shares of the company’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction 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 represents a 1.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the sale, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. This represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 72,892 shares of company stock valued at $1,811,857 over the last ninety days. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of IMVT. FMR LLC increased its holdings in Immunovant by 19.6% in the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares during the period. State Street Corp increased its position in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after buying an additional 303,386 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Immunovant by 6.9% during the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock worth $43,085,000 after buying an additional 96,924 shares during the period. 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 valued at $34,936,000 after buying an additional 760,692 shares in the last quarter. Finally, Principal Financial Group Inc. increased its holdings in Immunovant by 69.9% in the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after acquiring an additional 391,436 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Price Performance

The firm has a market capitalization of $3.34 billion, a PE ratio of -7.50 and a beta of 0.65. The company’s fifty day simple moving average is $24.75 and its 200-day simple moving average is $27.79.

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.