Immunovant (NASDAQ:IMVT) CTO Sells 40,000 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 40,000 shares of Immunovant stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the sale, the chief technology officer directly owned 211,685 shares in the company, valued at $8,109,652.35. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website.

Immunovant Stock Performance

Shares of NASDAQ:IMVT traded up $0.61 during midday trading on Friday, hitting $38.85. 3,718,031 shares of the stock were exchanged, compared to its average volume of 1,598,367. The business’s 50-day moving average price is $31.24 and its 200 day moving average price is $27.69. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $39.28. The stock has a market capitalization of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the company posted ($0.64) EPS. As a group, sell-side analysts expect that Immunovant, Inc. will post -2.65 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Truist Financial raised their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Sanford C. Bernstein assumed coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective for the company. Guggenheim raised their target price on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $37.33.

Institutional Trading of Immunovant

A number of institutional investors have recently bought and sold shares of the company. Empowered Funds LLC grew its holdings in Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after acquiring an additional 381 shares during the period. Wellington Management Group LLP boosted its position in shares of Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after purchasing an additional 755 shares in the last quarter. Royal Bank of Canada boosted its position in shares of Immunovant by 20.7% during the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after purchasing an additional 780 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares during the period. Finally, Banque Pictet & Cie SA grew its stake in Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock worth $2,920,000 after purchasing an additional 993 shares during the period. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

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.