Immunovant (NASDAQ:IMVT) CTO Sells $81,573.48 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 2,754 shares of Immunovant 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 represents a 1.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Immunovant stock opened at $28.58 on Monday. The company’s fifty day moving average price is $25.99 and its 200 day moving average price is $24.75. Immunovant, Inc. has a 1 year low of $13.36 and a 1 year high of $30.09. The stock has a market capitalization of $5.82 billion, a P/E ratio of -10.62 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same quarter last year, the firm posted ($0.76) earnings per share. Sell-side analysts predict that Immunovant, Inc. will post -2.67 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Truist Financial lifted their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 target price on the stock. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price on the stock in a research note on Tuesday, January 6th. HC Wainwright reaffirmed a “buy” rating and set a $35.00 target price on shares of Immunovant in a research note on Tuesday, February 10th. Finally, The Goldman Sachs Group lifted their target price on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $32.44.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently bought and sold shares of IMVT. RTW Investments LP purchased a new stake in Immunovant in the 4th quarter valued at about $80,781,000. Morgan Stanley raised its holdings in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares during the period. ADAR1 Capital Management LLC raised its holdings in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after buying an additional 1,706,687 shares during the period. Logos Global Management LP raised its holdings in Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after buying an additional 1,100,000 shares during the period. Finally, Vanguard Group Inc. raised its holdings in Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after buying an additional 952,504 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Company Profile

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.