Immunovant (NASDAQ:IMVT) CFO Sells $188,271.00 in Stock

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

Immunovant Stock Performance

NASDAQ:IMVT traded down $0.47 during trading hours on Friday, reaching $29.17. The company’s stock had a trading volume of 1,165,416 shares, compared to its average volume of 1,504,542. The stock has a 50 day moving average price of $34.86 and a two-hundred day moving average price of $32.02. The company has a market capitalization of $6.03 billion, a P/E ratio of -10.34 and a beta of 0.84. Immunovant, Inc. has a 12 month low of $21.43 and a 12 month high of $45.42.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (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 analyst estimates of $7.09 million. During the same quarter in the previous year, the business earned ($0.71) earnings per share. As a group, analysts predict that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently made changes to their positions in IMVT. BlackRock Inc. acquired a new stake in shares of Immunovant in the 2nd quarter worth $276,680,000. Two Seas Capital LP grew its stake in Immunovant by 46.5% during the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after buying an additional 1,464,187 shares during the last quarter. Jennison Associates LLC increased its position in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after buying an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC increased its position in Immunovant by 8.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after buying an additional 198,042 shares in the last quarter. Finally, Bank of America Corp DE acquired a new position in Immunovant during the 2nd quarter valued at about $45,521,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages recently weighed in on IMVT. UBS Group reaffirmed a “buy” rating on shares of Immunovant in a research report on Wednesday, September 23rd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Friday, October 2nd. JPMorgan Chase & Co. raised their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Finally, Citigroup reaffirmed a “positive” rating on shares of Immunovant in a research report on Thursday, September 24th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.00.

About Immunovant

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.