Immunovant (NASDAQ:IMVT) CTO Sells $51,461.31 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 1,977 shares of the company’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total value of $51,461.31. Following the transaction, the chief technology officer owned 197,634 shares in the company, valued at $5,144,413.02. This trade represents a 0.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Immunovant Stock Down 0.6%

IMVT opened at $26.01 on Monday. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $27.80. The stock has a market cap of $4.56 billion, a PE ratio of -9.16 and a beta of 0.57. The business has a 50 day moving average of $25.12 and a 200-day moving average of $20.22.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period in the prior year, the firm earned ($0.74) earnings per share. Equities analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Wall Street Analyst Weigh In

IMVT has been the subject of a number of recent research reports. The Goldman Sachs Group lifted their price target on shares of Immunovant from $18.00 to $28.00 and gave the company a “neutral” rating in a research report on Monday, December 15th. Truist Financial lifted their target price on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. JPMorgan Chase & Co. cut their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 6th. Finally, Guggenheim reissued a “buy” rating and issued a $41.00 target price on shares of Immunovant in a report on Thursday, December 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $30.78.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System grew its stake 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 acquiring an additional 430 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Immunovant by 11.4% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock worth $106,000 after purchasing an additional 675 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares during the period. Ameritas Investment Partners Inc. raised its position in shares of Immunovant by 14.9% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock valued at $112,000 after purchasing an additional 904 shares during the period. Finally, Banque Pictet & Cie SA lifted its stake in shares of Immunovant by 0.9% during the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after buying an additional 993 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.