Immunovant (NASDAQ:IMVT) CTO Jay Stout Sells 3,487 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 3,487 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $137,910.85. Following the completion of the sale, the chief technology officer directly owned 208,198 shares in the company, valued at approximately $8,234,230.90. This trade represents a 1.65% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

NASDAQ:IMVT traded down $1.38 during midday trading on Friday, reaching $39.71. 1,095,103 shares of the company traded hands, compared to its average volume of 1,545,434. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76. The company has a fifty day moving average price of $33.66 and a 200 day moving average price of $28.75. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $41.23.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the business earned ($0.64) earnings per share. On average, equities research analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immunovant

Several large investors have recently bought and sold shares of the stock. Geneos Wealth Management Inc. bought a new stake in shares of Immunovant during the 4th quarter worth about $25,000. Strs Ohio bought a new position in shares of Immunovant in the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. boosted its holdings in shares of Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP increased its stake in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC increased its stake in shares of Immunovant by 228.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after acquiring an additional 4,273 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

IMVT has been the topic of several recent research reports. Sanford C. Bernstein started coverage on shares of Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective on the stock. Bank of America upped their target price on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Monday. Citigroup lifted their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Finally, HC Wainwright boosted their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Immunovant presently has a consensus rating of “Hold” and an average target price of $39.70.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.