Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) CTO Sells 2,195 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay S. Stout sold 2,195 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total transaction of $51,780.05. Following the transaction, the chief technology officer now owns 139,991 shares of the company’s stock, valued at approximately $3,302,387.69. The trade was a 1.54 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink.

Immunovant Stock Down 1.5 %

Shares of IMVT traded down $0.35 during mid-day trading on Friday, reaching $23.05. 1,173,398 shares of the company’s stock were exchanged, compared to its average volume of 1,093,133. Immunovant, Inc. has a 52-week low of $22.41 and a 52-week high of $39.55. The company has a 50-day simple moving average of $25.93 and a two-hundred day simple moving average of $28.39. The company has a market cap of $3.38 billion, a price-to-earnings ratio of -10.38 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter last year, the firm posted ($0.45) earnings per share. As a group, equities research analysts predict that Immunovant, Inc. will post -2.75 EPS for the current fiscal year.

Institutional Investors Weigh In On Immunovant

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC grew its stake in Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after buying an additional 2,053,688 shares during the period. Armistice Capital LLC boosted its position in Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after purchasing an additional 1,232,909 shares during the period. State Street Corp increased its holdings in Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after purchasing an additional 303,386 shares in the last quarter. Geode Capital Management LLC raised its position in Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after purchasing an additional 96,924 shares during the period. Finally, Baker BROS. Advisors LP boosted its position in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock worth $34,936,000 after buying an additional 760,692 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently commented on IMVT shares. Raymond James reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Bank of America reduced their target price on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company dropped their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $47.00.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.