Insider Selling: Immunovant (NASDAQ:IMVT) CTO Sells $1,532,400.00 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 40,000 shares of the firm’s stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the completion of the sale, the chief technology officer owned 211,685 shares of the company’s stock, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $38.85 on Monday. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $39.28. The stock’s 50 day moving average is $31.47 and its 200-day moving average is $27.80. The firm has a market capitalization of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76.

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

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on IMVT shares. The Goldman Sachs Group upped their target price on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Guggenheim lifted their price target on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Truist Financial boosted their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Citigroup reissued a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $37.33.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Granahan Investment Management LLC raised its position in Immunovant by 24.9% in the third quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock worth $4,291,000 after acquiring an additional 53,133 shares during the period. Alpine Global Management LLC grew its position in shares of Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after acquiring an additional 128,039 shares during the period. Aberdeen Group plc grew its position in shares of Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock valued at $30,100,000 after acquiring an additional 202,318 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Immunovant during the 4th quarter worth approximately $1,823,000. Finally, Jennison Associates LLC purchased a new stake in shares of Immunovant during the 4th quarter worth approximately $17,806,000. Institutional investors own 47.08% of the company’s stock.

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.