Jay Stout Sells 3,487 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 3,487 shares of the business’s stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer owned 208,198 shares in the company, valued at approximately $8,234,230.90. This represents a 1.65% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded down $1.38 during mid-day trading on Friday, reaching $39.71. The company had a trading volume of 1,095,102 shares, compared to its average volume of 1,648,906. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $41.23. The stock’s 50 day moving average is $33.40 and its 200-day moving average is $28.67. The stock has a market capitalization of $8.15 billion, a PE ratio of -14.28 and a beta of 0.76.

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

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently bought and sold shares of the stock. Deep Track Capital LP boosted its stake in shares of Immunovant by 2.4% during the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after acquiring an additional 228,845 shares in the last quarter. Vanguard Group Inc. raised 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 in the last quarter. Armistice Capital LLC raised 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 in the last quarter. Morgan Stanley lifted its holdings in Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. Finally, State Street Corp lifted its holdings in Immunovant by 30.9% in the 4th quarter. State Street Corp now owns 3,786,926 shares of the company’s stock worth $96,264,000 after purchasing an additional 894,308 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IMVT. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 price target for the company. HC Wainwright increased their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Monday. Citigroup lifted their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Finally, The Goldman Sachs Group boosted their target price on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Immunovant presently has a consensus rating of “Hold” and an average target price of $39.70.

Immunovant Company Profile

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.