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

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

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Guggenheim reduced their price target on Immunovant from $46.00 to $44.00 and set a “buy” rating for the company in a report on Monday. Wells Fargo & Company reduced their price objective on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a report on Thursday, January 30th. Finally, Bank of America decreased their price objective on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $46.73.

Insider Buying and Selling

In other news, CFO Eva Renee Barnett sold 4,174 shares of the 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 $106,228.30. Following the transaction, 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 Securities & Exchange Commission, which is available at this link. Also, insider Mark S. Levine sold 3,650 shares of the business’s stock in a transaction that occurred on Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $92,892.50. Following the sale, the insider now owns 319,228 shares of the company’s stock, valued at $8,124,352.60. This trade represents a 1.13 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,892 shares of company stock worth $1,811,857. 5.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. increased its stake in shares of Immunovant by 7.4% in the 3rd quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after purchasing an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock valued at $15,750,000 after purchasing an additional 91,259 shares during the period. Principal Financial Group Inc. increased its position in Immunovant by 69.9% in the third 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. State Street Corp raised its stake 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 worth $86,167,000 after buying an additional 303,386 shares during the period. Finally, Geode Capital Management LLC lifted its position 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 valued at $43,085,000 after buying an additional 96,924 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Trading Down 0.9 %

The stock has a 50 day moving average of $24.57 and a 200-day moving average of $27.73. The company has a market capitalization of $3.28 billion, a P/E ratio of -7.38 and a beta of 0.65.

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.