Immunovant (NASDAQ:IMVT) Stock: Insider Tiago Girao Sells 6,606 Shares

Immunovant, Inc. (NASDAQ:IMVT) CFO Tiago Girão sold 6,606 shares of the firm’s stock in a transaction dated Wednesday, October 28th. The stock was sold at an average price of $28.50, for a total transaction of $188,271.00. Following the completion of the sale, the chief financial officer owned 234,192 shares of the company’s stock, valued at $6,674,472. This trade represents a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Down 1.6%

NASDAQ:IMVT traded down $0.47 during mid-day trading on Friday, hitting $29.17. 1,165,416 shares of the stock traded hands, compared to its average volume of 1,504,542. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of -10.34 and a beta of 0.84. Immunovant, Inc. has a 52 week low of $21.43 and a 52 week high of $45.42. The firm’s 50 day moving average is $34.86 and its two-hundred day moving average is $32.02.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period in the prior year, the firm posted ($0.71) earnings per share. As a group, research analysts predict that Immunovant, Inc. will post -2.96 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IMVT shares. Citigroup restated a “positive” rating on shares of Immunovant in a report on Thursday, September 24th. Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. UBS Group reissued a “buy” rating on shares of Immunovant in a research note on Wednesday, September 23rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday, October 2nd. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Institutional Trading of Immunovant

A number of large investors have recently modified their holdings of IMVT. BlackRock Inc. bought a new stake in shares of Immunovant in the second quarter valued at about $276,680,000. Two Seas Capital LP grew its holdings in Immunovant by 46.5% during the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after acquiring an additional 1,464,187 shares in the last quarter. ADAR1 Capital Management LLC bought a new position in Immunovant during the 2nd quarter worth about $89,802,000. Jennison Associates LLC grew its holdings in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares in the last quarter. Finally, Bank of America Corp DE purchased a new position in Immunovant during the 2nd quarter valued at about $45,521,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.