Insider Selling: Immunovant (NASDAQ:IMVT) CTO Sells 2,754 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 2,754 shares of the company’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $81,573.48. Following the completion of the sale, the chief technology officer directly owned 251,685 shares in the company, valued at $7,454,909.70. This trade represents a 1.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Down 1.1%

Shares of IMVT stock traded down $0.33 during trading hours on Friday, hitting $28.58. The company’s stock had a trading volume of 1,359,491 shares, compared to its average volume of 1,439,410. The company has a 50 day moving average of $25.94 and a 200 day moving average of $24.54. The stock has a market cap of $5.82 billion, a PE ratio of -10.62 and a beta of 0.67. Immunovant, Inc. has a 12-month low of $13.36 and a 12-month high of $30.09.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Friday, February 6th. The company reported ($0.61) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the company earned ($0.76) earnings per share. As a group, analysts anticipate that Immunovant, Inc. will post -2.67 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immunovant

Several large investors have recently made changes to their positions in IMVT. Geneos Wealth Management Inc. acquired a new position in shares of Immunovant in the 4th quarter valued at $25,000. Strs Ohio acquired a new position in shares of Immunovant in the 1st quarter valued at $27,000. Aster Capital Management DIFC Ltd acquired a new position in shares of Immunovant in the 3rd quarter valued at $33,000. PNC Financial Services Group Inc. lifted its stake in shares of 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 purchasing an additional 1,646 shares during the period. Finally, Quarry LP lifted its stake in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after purchasing an additional 1,461 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have recently commented on IMVT shares. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a report on Tuesday, January 6th. Truist Financial upped their price objective on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Sanford C. Bernstein started coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective on the stock. Finally, Guggenheim upped their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $32.44.

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.