Immunovant (NASDAQ:IMVT) CTO Sells $137,910.85 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 3,487 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $137,910.85. Following the completion of the transaction, the chief technology officer owned 208,198 shares of the company’s stock, valued at approximately $8,234,230.90. The trade was a 1.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

Shares of IMVT stock opened at $39.71 on Monday. The business’s fifty day moving average is $33.66 and its 200 day moving average is $28.76. The stock has a market cap of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $41.23.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter last year, the firm earned ($0.64) earnings per share. Equities research analysts expect that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Institutional Trading of Immunovant

Institutional investors have recently bought and sold shares of the company. Deep Track Capital LP raised its holdings in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after buying an additional 228,845 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after buying an additional 952,504 shares during the last quarter. Armistice Capital LLC grew its holdings in shares of Immunovant by 12.2% during the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after buying an additional 636,000 shares during the last quarter. Morgan Stanley increased its position in shares of Immunovant by 147.4% during the fourth 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 raised 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 acquiring an additional 894,308 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. HC Wainwright boosted their price objective on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Sanford C. Bernstein initiated coverage on shares of Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price for the company. 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 research report on Wednesday, April 15th. Bank of America upped their price target on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Finally, Citigroup raised their price objective on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Six 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.com, the company currently has an average rating of “Hold” and an average price target 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.