Eric Venker Sells 3,092 Shares of Immunovant (NASDAQ:IMVT) Stock

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

Immunovant Stock Up 3.9%

NASDAQ:IMVT opened at $40.09 on Wednesday. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $40.77. The firm has a market capitalization of $8.23 billion, a price-to-earnings ratio of -14.42 and a beta of 0.76. The stock has a fifty day simple moving average of $32.89 and a 200 day simple moving average of $28.47.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the previous year, the firm earned ($0.64) earnings per share. Equities analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently added to or reduced their stakes in IMVT. Empowered Funds LLC lifted its stake in Immunovant by 2.7% in the first 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 last quarter. Wellington Management Group LLP increased its stake in shares of Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after purchasing an additional 755 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Immunovant by 20.7% during the 4th 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 last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after purchasing an additional 900 shares in the last quarter. Finally, Banque Pictet & Cie SA raised its holdings in shares of Immunovant by 0.9% during the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after purchasing an additional 993 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Bank of America boosted their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Sanford C. Bernstein initiated coverage on shares of Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 target price on the stock. Citigroup increased their target price on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Finally, HC Wainwright raised their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus 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.