Immunovant (NASDAQ:IMVT) CTO Sells $1,532,400.00 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 40,000 shares of the stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $1,532,400.00. Following the sale, the chief technology officer directly owned 211,685 shares in the company, valued at approximately $8,109,652.35. This trade represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $0.61 during mid-day trading on Friday, reaching $38.85. The company had a trading volume of 3,718,031 shares, compared to its average volume of 1,598,367. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76. The business’s 50-day simple moving average is $31.24 and its 200 day simple moving average is $27.69. Immunovant, Inc. has a one year low of $14.32 and a one year high of $39.28.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period last year, the company earned ($0.64) EPS. On average, sell-side analysts anticipate that Immunovant, Inc. will post -2.65 EPS for the current year.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Truist Financial boosted their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. Citigroup restated a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. Bank of America raised their target price on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Finally, The Goldman Sachs Group boosted their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Immunovant currently has an average rating of “Hold” and an average target price of $37.33.

Institutional Investors Weigh In On Immunovant

Several hedge funds and other institutional investors have recently made changes to their positions in IMVT. Deep Track Capital LP boosted its position in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock valued at $156,829,000 after buying an additional 228,845 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of 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 acquiring an additional 952,504 shares during the last quarter. Armistice Capital LLC lifted its stake in shares of Immunovant by 12.2% in 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 in the last quarter. Finally, State Street Corp boosted its holdings in shares of Immunovant by 30.9% during the 4th quarter. State Street Corp now owns 3,786,926 shares of the company’s stock valued at $96,264,000 after acquiring an additional 894,308 shares in the last quarter. 47.08% of the stock is owned by 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.