Immunovant (NASDAQ:IMVT) Stock: Insider Jay Stout Sells 2,595 Shares

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 2,595 shares of the company’s stock in a transaction on Wednesday, October 21st. The stock was sold at an average price of $28.94, for a total transaction of $75,099.30. Following the transaction, the chief technology officer owned 198,937 shares of the company’s stock, valued at approximately $5,757,236.78. This represents a 1.29% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Down 2.4%

Shares of NASDAQ IMVT opened at $28.41 on Friday. The stock has a market capitalization of $5.87 billion, a price-to-earnings ratio of -10.07 and a beta of 0.84. Immunovant, Inc. has a 12-month low of $18.74 and a 12-month high of $45.42. The firm’s 50-day moving average price is $35.98 and its 200-day moving average price is $34.70.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the previous year, the company posted ($0.71) EPS. On average, equities analysts predict that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several recent research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Friday, October 2nd. HC Wainwright reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, September 24th. UBS Group reaffirmed a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. JPMorgan Chase & Co. increased their price target on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Finally, Citigroup reiterated a “positive” rating on shares of Immunovant in a research note on Thursday, September 24th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.00.

Institutional Trading of Immunovant

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Immunovant during the 2nd quarter worth approximately $276,680,000. Two Seas Capital LP boosted its holdings in shares of Immunovant by 46.5% in the third quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock valued at $155,817,000 after acquiring an additional 1,464,187 shares in the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of Immunovant in the 2nd quarter valued at about $89,802,000. Jennison Associates LLC raised its position in Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares during the last quarter. Finally, Bank of America Corp DE purchased a new position in shares of Immunovant during the 2nd quarter worth $45,521,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.