Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) Insider Sells 3,261 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Michael Geffner sold 3,261 shares of the business’s stock in a transaction dated Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total value of $94,242.90. Following the sale, the insider now directly owns 141,616 shares of the company’s stock, valued at approximately $4,092,702.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Immunovant Stock Down 2.1 %

IMVT stock opened at $27.17 on Friday. The stock’s 50 day moving average is $32.10 and its two-hundred day moving average is $35.78. Immunovant, Inc. has a 52-week low of $15.90 and a 52-week high of $45.58. The company has a market capitalization of $3.95 billion, a PE ratio of -14.77 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, February 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. As a group, sell-side analysts anticipate that Immunovant, Inc. will post -1.7 EPS for the current year.

Analysts Set New Price Targets

IMVT has been the topic of several research analyst reports. Oppenheimer initiated coverage on Immunovant in a research note on Thursday, March 28th. They issued an “outperform” rating and a $50.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Friday, January 12th. The Goldman Sachs Group assumed coverage on shares of Immunovant in a research report on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective for the company. JPMorgan Chase & Co. initiated coverage on shares of Immunovant in a report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 target price on the stock. Finally, Truist Financial reiterated a “buy” rating and issued a $48.00 price target on shares of Immunovant in a report on Monday, March 25th. Seventeen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Immunovant currently has a consensus rating of “Buy” and an average target price of $48.00.

Institutional Investors Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in Immunovant in the fourth quarter valued at about $112,356,000. FMR LLC lifted its holdings in Immunovant by 47.5% during the 3rd quarter. FMR LLC now owns 7,748,546 shares of the company’s stock worth $297,467,000 after buying an additional 2,494,678 shares during the last quarter. Octagon Capital Advisors LP grew its position in shares of Immunovant by 127.3% in the 4th quarter. Octagon Capital Advisors LP now owns 273,289 shares of the company’s stock worth $11,514,000 after acquiring an additional 1,273,289 shares in the last quarter. Fred Alger Management LLC increased its holdings in shares of Immunovant by 6,108.9% in the 3rd quarter. Fred Alger Management LLC now owns 1,186,031 shares of the company’s stock valued at $45,532,000 after acquiring an additional 1,166,929 shares during the last quarter. Finally, Armistice Capital LLC acquired a new stake in shares of Immunovant during the 3rd quarter valued at approximately $39,767,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.