Immunovant (NASDAQ:IMVT) Trading Down 3.6%

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. HC Wainwright increased their price target on shares of Immunovant from $47.00 to $51.00 and gave the company a “buy” rating in a research report on Thursday, December 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Friday, January 12th. Oppenheimer initiated coverage on shares of Immunovant in a research report on Thursday, March 28th. They issued an “outperform” rating and a $50.00 target price for the company. JPMorgan Chase & Co. initiated coverage on shares of Immunovant in a research report on Tuesday, February 20th. They issued an “overweight” rating and a $51.00 target price for the company. Finally, Bank of America raised their target price on shares of Immunovant from $49.00 to $51.00 and gave the stock a “buy” rating in a research report on Thursday, December 21st. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $48.00.

Immunovant Stock Performance

The business’s 50-day moving average is $33.15 and its 200-day moving average is $36.10.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Monday, February 12th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. As a group, equities analysts anticipate that Immunovant, Inc. will post -1.7 earnings per share for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 4,807 shares of the firm’s 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 completion of the sale, the chief executive officer now directly owns 1,086,958 shares in the company, valued at approximately $33,891,350.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Mark S. Levine sold 3,027 shares of Immunovant stock in a transaction that occurred on 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 directly owns 304,102 shares in the company, valued at $11,531,547.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Peter Salzmann sold 4,807 shares of Immunovant stock in a transaction that occurred on Tuesday, April 9th. The stock was sold at an average price of $31.18, for a total transaction of $149,882.26. Following the completion of the sale, the chief executive officer now owns 1,086,958 shares of the company’s stock, valued at $33,891,350.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 17,640 shares of company stock worth $595,585. 4.80% of the stock is owned by corporate insiders.

Institutional Trading of Immunovant

Large investors have recently made changes to their positions in the stock. WCM Investment Management LLC bought a new stake in shares of Immunovant in the fourth quarter worth approximately $4,548,000. AWM Investment Company Inc. bought a new stake in shares of Immunovant in the third quarter worth approximately $1,920,000. Wellington Management Group LLP purchased a new position in shares of Immunovant in the third quarter worth approximately $6,473,000. Citigroup Inc. boosted its holdings in shares of Immunovant by 43.3% in the third quarter. Citigroup Inc. now owns 126,316 shares of the company’s stock worth $4,849,000 after buying an additional 38,179 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Immunovant by 14.0% in the third quarter. Vanguard Group Inc. now owns 6,233,146 shares of the company’s stock worth $239,290,000 after buying an additional 764,530 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

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.