Immunovant (NASDAQ:IMVT) Insider Sells $71,838.69 in Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 2,877 shares of the firm’s stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $24.97, for a total value of $71,838.69. Following the completion of the transaction, the insider owned 147,053 shares of the company’s stock, valued at approximately $3,671,913.41. The trade was a 1.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Immunovant Trading Down 2.8%

IMVT opened at $22.98 on Monday. The company has a market cap of $4.68 billion, a price-to-earnings ratio of -8.54 and a beta of 0.61. The stock has a fifty day simple moving average of $26.09 and a two-hundred day simple moving average of $22.99. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $29.25.

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

Institutional Investors Weigh In On Immunovant

Several institutional investors have recently modified their holdings of the business. Deep Track Capital LP increased its holdings in Immunovant by 2.4% in the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after buying an additional 228,845 shares in the last quarter. Vanguard Group Inc. lifted its stake in Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after acquiring an additional 952,504 shares during the period. Armistice Capital LLC boosted its holdings in shares of Immunovant by 12.2% during the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Morgan Stanley boosted its holdings in shares of Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after acquiring an additional 2,887,359 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Immunovant by 30.9% in the fourth quarter. State Street Corp now owns 3,786,926 shares of the company’s stock worth $96,264,000 after acquiring an additional 894,308 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on IMVT shares. HC Wainwright restated a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a report on Tuesday, February 10th. The Goldman Sachs Group boosted their price target on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Sanford C. Bernstein initiated coverage on Immunovant in a research report on Friday. They set a “market perform” rating and a $28.00 price objective for the company. Finally, Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 6th. Six 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 company presently has a consensus rating of “Hold” and a consensus 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.