Immunovant (NASDAQ:IMVT) Trading Down 3.6%

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

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. JPMorgan Chase & Co. assumed coverage on shares of Immunovant in a report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 target price on the stock. HC Wainwright lifted their price objective on shares of Immunovant from $47.00 to $51.00 and gave the company a “buy” rating in a research note on Thursday, December 21st. The Goldman Sachs Group assumed coverage on shares of Immunovant in a research note on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Wolfe Research assumed coverage on shares of Immunovant in a research note on Thursday, February 15th. They issued an “outperform” rating and a $55.00 price objective on the stock. Finally, Oppenheimer assumed coverage on shares of Immunovant in a research note on Thursday, March 28th. They issued an “outperform” rating and a $50.00 price objective on the stock. Seventeen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Immunovant presently has an average rating of “Buy” and an average target price of $48.00.

Immunovant Price Performance

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

Immunovant (NASDAQ:IMVT) last issued its earnings results 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. Equities research analysts expect that Immunovant, Inc. will post -1.7 EPS for the current fiscal year.

Insider Transactions at Immunovant

In other news, insider Mark S. Levine sold 3,027 shares of Immunovant stock in a transaction on Friday, January 26th. The shares were sold at an average price of $37.92, for a total transaction of $114,783.84. Following the transaction, the insider now owns 304,102 shares in the company, valued at $11,531,547.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Peter Salzmann sold 4,807 shares of Immunovant stock in a transaction on Tuesday, April 9th. The shares were sold at an average price of $31.18, for a total transaction of $149,882.26. Following the transaction, the chief executive officer now owns 1,086,958 shares in the company, valued at $33,891,350.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark S. Levine sold 3,027 shares of Immunovant stock in a transaction on Friday, January 26th. The stock was sold at an average price of $37.92, for a total transaction of $114,783.84. Following the transaction, the insider now owns 304,102 shares in the company, valued at approximately $11,531,547.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 17,640 shares of company stock worth $595,585. Company insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently modified their holdings of IMVT. Swiss National Bank lifted its holdings in Immunovant by 7.2% in the first quarter. Swiss National Bank now owns 95,100 shares of the company’s stock valued at $524,000 after buying an additional 6,400 shares during the period. JPMorgan Chase & Co. increased its stake in Immunovant by 205.6% in the first quarter. JPMorgan Chase & Co. now owns 461,582 shares of the company’s stock valued at $2,543,000 after purchasing an additional 310,520 shares in the last quarter. MetLife Investment Management LLC increased its stake in Immunovant by 423.9% in the first quarter. MetLife Investment Management LLC now owns 25,184 shares of the company’s stock valued at $139,000 after purchasing an additional 20,377 shares in the last quarter. BlackRock Inc. increased its stake in Immunovant by 0.9% in the first quarter. BlackRock Inc. now owns 3,353,866 shares of the company’s stock valued at $18,479,000 after purchasing an additional 28,865 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Immunovant by 148.6% in the first quarter. Dimensional Fund Advisors LP now owns 690,965 shares of the company’s stock valued at $3,807,000 after purchasing an additional 412,997 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.