Immunovant (NASDAQ:IMVT) CTO Jay Stout Sells 2,754 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 2,754 shares of Immunovant stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total value of $81,573.48. Following the completion of the sale, the chief technology officer directly owned 251,685 shares in the company, valued at $7,454,909.70. This represents a 1.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

Shares of Immunovant stock opened at $28.58 on Friday. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of -10.62 and a beta of 0.67. The stock’s 50-day moving average is $25.99 and its 200-day moving average is $24.63. Immunovant, Inc. has a one year low of $13.36 and a one year high of $30.09.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.72) by $0.11. During the same period in the prior year, the company earned ($0.76) EPS. On average, equities analysts expect that Immunovant, Inc. will post -2.67 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Keybank National Association OH bought a new stake in shares of Immunovant during the 1st quarter worth approximately $342,000. Pictet Asset Management Holding SA grew its stake in shares of Immunovant by 24.0% in the first quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company’s stock valued at $11,734,000 after buying an additional 91,539 shares in the last quarter. Invesco Ltd. grew its stake in shares of Immunovant by 16.0% in the fourth quarter. Invesco Ltd. now owns 88,857 shares of the company’s stock valued at $2,259,000 after buying an additional 12,255 shares in the last quarter. Empowered Funds LLC increased its holdings in Immunovant by 4.5% during the fourth quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock worth $360,000 after buying an additional 610 shares during the last quarter. Finally, XTX Topco Ltd increased its holdings in Immunovant by 91.2% during the fourth quarter. XTX Topco Ltd now owns 33,122 shares of the company’s stock worth $842,000 after buying an additional 15,795 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on IMVT. The Goldman Sachs Group lifted 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. 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. HC Wainwright reaffirmed a “buy” rating and issued a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Truist Financial lifted their price target on shares of Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. Finally, Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research report on Tuesday, January 6th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $32.44.

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.