Immunovant (NASDAQ:IMVT) CEO Sells 3,506 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CEO Eric Venker sold 3,506 shares of the stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $34.11, for a total value of $119,589.66. Following the completion of the transaction, the chief executive officer owned 257,075 shares in the company, valued at $8,768,828.25. This represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

IMVT traded down $0.37 during midday trading on Monday, hitting $33.25. 1,103,234 shares of the company’s stock traded hands, compared to its average volume of 1,510,987. The company has a market cap of $6.87 billion, a PE ratio of -11.79 and a beta of 0.84. The stock’s fifty day simple moving average is $39.03 and its 200-day simple moving average is $34.29. Immunovant, Inc. has a one year low of $15.95 and a one year high of $45.42.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) 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 the consensus estimate of $7.09 million. During the same period last year, the company earned ($0.71) earnings per share. On average, research analysts expect that Immunovant, Inc. will post -2.96 EPS for the current year.

Institutional Investors Weigh In On Immunovant

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Engineers Gate Manager LP lifted its position in shares of Immunovant by 179.7% during the 2nd quarter. Engineers Gate Manager LP now owns 24,220 shares of the company’s stock worth $933,000 after purchasing an additional 15,560 shares during the last quarter. Squarepoint Ops LLC bought a new position in Immunovant in the 2nd quarter worth approximately $2,996,000. Nykredit A S bought a new position in Immunovant in the 2nd quarter worth approximately $174,000. Corient Private Wealth LP lifted its holdings in shares of Immunovant by 1.8% during the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock worth $945,000 after buying an additional 442 shares during the last quarter. Finally, Amundi boosted its position in shares of Immunovant by 6.1% in the second quarter. Amundi now owns 70,948 shares of the company’s stock valued at $2,734,000 after acquiring an additional 4,100 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on IMVT shares. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. UBS Group reissued a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Friday. Citigroup reaffirmed a “positive” rating on shares of Immunovant in a research report on Thursday, September 24th. Finally, JPMorgan Chase & Co. increased their price target on Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Eight research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $44.00.

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.