Jay Stout Sells 40,000 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 40,000 shares of the stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the completion of the transaction, the chief technology officer directly owned 211,685 shares in the company, valued at $8,109,652.35. The trade was a 15.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Immunovant Stock Performance

Shares of IMVT stock opened at $38.85 on Friday. Immunovant, Inc. has a 52 week low of $14.32 and a 52 week high of $39.28. The company has a market capitalization of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76. The company has a 50-day simple moving average of $31.47 and a 200 day simple moving average of $27.77.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results 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 quarter in the previous year, the company earned ($0.64) EPS. Sell-side analysts forecast that Immunovant, Inc. will post -2.65 EPS for the current year.

Institutional Investors Weigh In On Immunovant

Large investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in Immunovant by 185.1% during the 1st quarter. Bank of America Corp DE now owns 893,678 shares of the company’s stock worth $22,199,000 after acquiring an additional 580,197 shares during the period. ADAR1 Capital Management LLC lifted its position in shares of Immunovant by 8.0% during the 1st quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after acquiring an additional 198,042 shares during the period. California State Teachers Retirement System grew its holdings in shares of Immunovant by 9.7% during the 1st quarter. California State Teachers Retirement System now owns 94,286 shares of the company’s stock worth $2,342,000 after purchasing an additional 8,334 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after purchasing an additional 381 shares in the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Immunovant by 181.1% in the first quarter. Quantinno Capital Management LP now owns 40,030 shares of the company’s stock worth $994,000 after purchasing an additional 25,787 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on IMVT shares. HC Wainwright increased their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Guggenheim upped their price objective on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. Truist Financial increased their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Bank of America lifted their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Finally, The Goldman Sachs Group upped their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $37.33.

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.