Immunovant (NASDAQ:IMVT) CEO Sells $119,589.66 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CEO Eric Venker sold 3,506 shares of the business’s stock in a transaction dated Friday, October 2nd. The stock was sold at an average price of $34.11, for a total value of $119,589.66. Following the transaction, the chief executive officer owned 257,075 shares of the company’s stock, valued at $8,768,828.25. The trade was a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $32.04 on Thursday. The company has a market capitalization of $6.62 billion, a price-to-earnings ratio of -11.36 and a beta of 0.84. The firm’s 50 day simple moving average is $38.76 and its 200 day simple moving average is $34.41. Immunovant, Inc. has a fifty-two week low of $16.04 and a fifty-two week high of $45.42.

Immunovant (NASDAQ:IMVT) last issued 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 for the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the prior year, the company posted ($0.71) EPS. Equities research analysts expect that Immunovant, Inc. will post -2.96 earnings per share for the current year.

Institutional Trading of Immunovant

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. acquired a new position in shares of Immunovant during the second quarter worth about $276,680,000. Two Seas Capital LP raised its position in Immunovant by 46.5% in the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock valued at $155,817,000 after buying an additional 1,464,187 shares during the last quarter. Jennison Associates LLC lifted its stake in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after acquiring an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC lifted its stake in Immunovant by 8.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after acquiring an additional 198,042 shares in the last quarter. Finally, Perceptive Advisors LLC boosted its position in Immunovant by 25.6% during the 4th quarter. Perceptive Advisors LLC now owns 1,994,890 shares of the company’s stock worth $50,710,000 after acquiring an additional 407,000 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the stock. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. UBS Group reiterated a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday, October 2nd. JPMorgan Chase & Co. increased their price target on Immunovant from $47.00 to $50.00 and gave the stock 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 research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Immunovant Company Profile

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.