Immunovant (NASDAQ:IMVT) CEO Sells $118,980.16 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CEO Eric Venker sold 3,092 shares of the stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total transaction of $118,980.16. Following the sale, the chief executive officer directly owned 254,280 shares in the company, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Up 0.5%

Shares of IMVT stock opened at $40.31 on Thursday. Immunovant, Inc. has a 1 year low of $14.32 and a 1 year high of $40.77. The firm’s 50 day moving average is $33.12 and its 200-day moving average is $28.57. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of -14.50 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the company posted ($0.64) EPS. On average, equities research analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts have weighed in on IMVT shares. HC Wainwright boosted 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. Guggenheim lifted their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. Bank of America boosted their price target on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. The Goldman Sachs Group increased their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Sanford C. Bernstein started coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective on the stock. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Immunovant currently has a consensus rating of “Hold” and a consensus price target of $39.70.

Hedge Funds Weigh In On Immunovant

Several institutional investors have recently modified their holdings of the stock. Empowered Funds LLC raised its position in shares of Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after acquiring an additional 381 shares during the period. Wellington Management Group LLP increased its stake in Immunovant by 2.7% in the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after purchasing an additional 755 shares in the last quarter. Royal Bank of Canada raised its holdings in Immunovant by 20.7% in the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after purchasing an additional 780 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares during the period. Finally, Banque Pictet & Cie SA boosted its position in shares of Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock worth $2,920,000 after purchasing an additional 993 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.