Immunovant (NASDAQ:IMVT) CTO Sells 3,809 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 3,809 shares of the company’s stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total value of $122,116.54. Following the completion of the transaction, the chief technology officer owned 201,532 shares in the company, valued at $6,461,115.92. This represents a 1.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of IMVT stock traded up $0.21 during trading on Friday, hitting $30.47. 1,494,823 shares of the company were exchanged, compared to its average volume of 1,514,941. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of -10.80 and a beta of 0.84. The business’s 50-day simple moving average is $38.58 and its 200 day simple moving average is $34.46. Immunovant, Inc. has a twelve month low of $16.59 and a twelve month high of $45.42.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same quarter in the previous year, the firm earned ($0.71) earnings per share. On average, equities analysts forecast that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on IMVT shares. UBS Group reaffirmed a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. HC Wainwright reissued a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Citigroup restated a “positive” rating on shares of Immunovant in a research note on Thursday, September 24th. Finally, JPMorgan Chase & Co. upped their target price on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Institutional Trading of Immunovant

Several large investors have recently added to or reduced their stakes in IMVT. GAMMA Investing LLC grew its position in Immunovant by 63.6% in the third quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock worth $41,000 after acquiring an additional 476 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Immunovant in the 2nd quarter valued at $87,000. Nykredit A S acquired a new stake in shares of Immunovant in the 2nd quarter valued at $174,000. State of Wyoming acquired a new stake in shares of Immunovant in the 2nd quarter valued at $208,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Immunovant in the second quarter worth $223,000. 47.08% of the stock is owned by institutional investors.

About Immunovant

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.