Immunovant (NASDAQ:IMVT) CFO Tiago Girao Sells 6,606 Shares of Company Stock

Immunovant, Inc. (NASDAQ:IMVT) CFO Tiago Girão sold 6,606 shares of Immunovant stock in a transaction dated Wednesday, October 28th. The shares were sold at an average price of $28.50, for a total value of $188,271.00. Following the completion of the sale, the chief financial officer directly owned 234,192 shares in the company, valued at $6,674,472. This represents a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of Immunovant stock opened at $29.17 on Friday. The stock’s 50-day moving average is $34.56 and its 200-day moving average is $32.04. Immunovant, Inc. has a one year low of $21.43 and a one year high of $45.42.

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

Analyst Ratings Changes

Several brokerages recently commented on IMVT. HC Wainwright restated a “buy” rating on shares of Immunovant in a report on Thursday, September 24th. UBS Group reiterated a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Friday, October 2nd. Citigroup reissued a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Finally, JPMorgan Chase & Co. boosted 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. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. BlackRock Inc. bought a new position in shares of Immunovant in the second quarter worth $276,680,000. Two Seas Capital LP lifted its position in Immunovant by 46.5% during the third quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after purchasing an additional 1,464,187 shares during the period. ADAR1 Capital Management LLC bought a new stake in Immunovant during the second quarter worth about $89,802,000. Jennison Associates LLC grew its stake in Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after buying an additional 2,496,241 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Immunovant during the second quarter worth about $45,521,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Company Profile

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.