Immunovant (NASDAQ:IMVT) Stock Falls 6.9% – Here’s What Happened

Immunovant, Inc. (NASDAQ:IMVT)’s stock price fell 6.9% during mid-day trading on Thursday. The company traded as low as $30.00 and last traded at $29.8140. Approximately 398,114 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 1,507,574 shares. The stock had previously closed at $32.04.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IMVT shares. JPMorgan Chase & Co. raised their price target on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. HC Wainwright reiterated a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday, October 2nd. UBS Group restated a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Finally, Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.00.

Immunovant Trading Up 0.7%

The stock has a market cap of $6.29 billion, a price-to-earnings ratio of -10.80 and a beta of 0.84. The company has a 50 day simple moving average of $38.41 and a 200-day simple moving average of $34.44.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the company earned ($0.71) earnings per share. Equities analysts forecast that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.

Insider Activity at Immunovant

In related news, CTO Jay S. Stout sold 3,809 shares of the stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total transaction of $122,116.54. Following the completion of the transaction, the chief technology officer owned 201,532 shares in the company, valued at approximately $6,461,115.92. This represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,241 shares of the firm’s stock in a transaction on Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total transaction of $71,846.46. Following the completion of the transaction, the chief operating officer directly owned 217,060 shares of the company’s stock, valued at approximately $6,958,943.60. This trade represents a 1.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders sold 15,229 shares of company stock worth $524,482. 1.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently modified their holdings of IMVT. Empowered Funds LLC boosted its holdings in shares of Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after buying an additional 381 shares during the last quarter. Corient Private Wealth LP grew its stake in shares of Immunovant by 1.8% in the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock valued at $945,000 after buying an additional 442 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Immunovant by 63.6% in the third quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock valued at $41,000 after buying an additional 476 shares in the last quarter. Swiss National Bank grew its position in shares of Immunovant by 0.7% in the 1st quarter. Swiss National Bank now owns 159,400 shares of the company’s stock valued at $3,959,000 after acquiring an additional 1,100 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Immunovant by 7.7% during the 2nd quarter. Wellington Management Group LLP now owns 30,722 shares of the company’s stock worth $1,184,000 after purchasing an additional 2,197 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.