Immunovant (NASDAQ:IMVT) CTO Jay Stout Sells 3,809 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay 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 value of $122,116.54. Following the completion of the transaction, the chief technology officer owned 201,532 shares of the company’s stock, valued at $6,461,115.92. The trade was a 1.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Up 0.7%

Shares of IMVT stock opened at $30.47 on Friday. The firm has a market capitalization of $6.29 billion, a P/E ratio of -10.80 and a beta of 0.84. Immunovant, Inc. has a twelve month low of $16.59 and a twelve month high of $45.42. The stock’s fifty day simple moving average is $38.41 and its 200 day simple moving average is $34.44.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the previous year, the company earned ($0.71) EPS. As a group, equities research analysts expect that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in shares of Immunovant by 63.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock valued at $41,000 after purchasing an additional 476 shares during the last quarter. Quantbot Technologies LP bought a new stake in Immunovant during the second quarter valued at $87,000. Nykredit A S acquired a new stake in Immunovant during the 2nd quarter worth about $174,000. State of Wyoming acquired a new stake in Immunovant during the 2nd quarter worth about $208,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Immunovant in the 2nd quarter worth about $223,000. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

IMVT has been the topic of a number of research reports. UBS Group reissued a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Citigroup reiterated a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. HC Wainwright reissued a “buy” rating on shares of Immunovant in a research note on Thursday, September 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Friday, October 2nd. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $44.00.

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.