Insider Selling: Immunovant (NASDAQ:IMVT) Insider Sells $128,246.95 in Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 5,165 shares of Immunovant stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $128,246.95. Following the completion of the sale, the insider owned 183,231 shares in the company, valued at approximately $4,549,625.73. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 Wednesday, March 18th, Tuyl Christopher Van sold 2,877 shares of Immunovant stock. The shares were sold at an average price of $24.97, for a total transaction of $71,838.69.

Immunovant Price Performance

NASDAQ:IMVT opened at $24.50 on Monday. The stock has a market cap of $4.99 billion, a P/E ratio of -9.11 and a beta of 0.67. The firm’s fifty day simple moving average is $25.60 and its 200 day simple moving average is $23.92. Immunovant, Inc. has a twelve month low of $13.36 and a twelve month high of $29.25.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter in the prior year, the firm posted ($0.76) earnings per share. On average, analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Institutional Trading of Immunovant

A number of hedge funds have recently modified their holdings of the business. Arizona State Retirement System boosted its holdings in shares of Immunovant by 2.2% during the 3rd quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock valued at $326,000 after buying an additional 430 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of Immunovant by 4.5% during the 4th quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock valued at $360,000 after buying an additional 610 shares in the last quarter. Wellington Management Group LLP boosted its holdings 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 buying an additional 755 shares in the last quarter. Royal Bank of Canada boosted its holdings 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 buying an additional 780 shares in the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in shares of Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after buying an additional 900 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IMVT. Guggenheim lifted their price target on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a report on Monday, February 9th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Immunovant in a report on Tuesday, February 10th. Sanford C. Bernstein started coverage on shares of Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price on the stock. The Goldman Sachs Group boosted their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a report on Monday, December 15th. Finally, Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a report on Tuesday, January 6th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Immunovant presently has an average rating of “Hold” and an average target price of $32.00.

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.