Insider Selling: Immunovant (NASDAQ:IMVT) Insider Sells $47,697.30 in Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $47,697.30. Following the completion of the transaction, the insider directly owned 179,391 shares of the company’s stock, valued at approximately $7,094,914.05. This trade represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Tuyl Christopher Van also recently made the following trade(s):

• On Friday, June 26th, Tuyl Christopher Van sold 17,824 shares of Immunovant stock. The stock was sold at an average price of $38.31, for a total value of $682,837.44.

Immunovant Price Performance

IMVT opened at $39.71 on Monday. The stock has a market cap of $8.15 billion, a P/E ratio of -14.28 and a beta of 0.76. The stock’s 50 day simple moving average is $33.66 and its 200 day simple moving average is $28.76. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $41.23.

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 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. Research analysts expect that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Hedge Funds Weigh In On Immunovant

Several institutional investors and hedge funds have recently modified their holdings of IMVT. Geneos Wealth Management Inc. acquired a new stake in Immunovant during the fourth quarter worth approximately $25,000. Strs Ohio acquired a new position in Immunovant in the 1st quarter valued at $27,000. PNC Financial Services Group Inc. raised its holdings in Immunovant by 138.9% in the 3rd 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 during the last quarter. Quarry LP lifted its stake in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after purchasing an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC boosted its holdings 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 worth $98,000 after purchasing an additional 4,273 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

IMVT has been the topic of a number of research reports. HC Wainwright increased their price objective on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Guggenheim raised their price objective on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Truist Financial lifted their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. The Goldman Sachs Group increased their target price on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Citigroup boosted their price target on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target 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.