Tuyl Christopher Van Sells 17,824 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 17,824 shares of the firm’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $682,837.44. Following the completion of the sale, the insider directly owned 180,597 shares of the company’s stock, valued at $6,918,671.07. This trade represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Tuyl Christopher Van also recently made the following trade(s):

• On Wednesday, April 8th, Tuyl Christopher Van sold 5,165 shares of Immunovant stock. The shares were sold at an average price of $24.83, for a total transaction of $128,246.95.

Immunovant Trading Up 1.6%

Shares of IMVT opened at $38.85 on Friday. Immunovant, Inc. has a 12-month low of $14.32 and a 12-month high of $39.28. The firm has a 50-day moving average price of $31.47 and a 200 day moving average price of $27.77. The firm has a market capitalization of $7.98 billion, a P/E ratio of -13.97 and a beta of 0.76.

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

Analysts Set New Price Targets

Several research firms have recently commented on IMVT. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Sanford C. Bernstein assumed coverage on Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 target price for the company. Bank of America lifted their target price on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. The Goldman Sachs Group upped their price target on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. 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 research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Immunovant has a consensus rating of “Hold” and an average target price of $37.33.

Hedge Funds Weigh In On Immunovant

A number of hedge funds have recently made changes to their positions in IMVT. Granahan Investment Management LLC raised its holdings in shares of Immunovant by 24.9% in the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after buying an additional 53,133 shares during the period. Alpine Global Management LLC grew its position in Immunovant by 4.9% in 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 in the last quarter. Aberdeen Group plc grew its position in Immunovant by 20.6% in 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 in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Immunovant during the fourth quarter worth about $1,823,000. Finally, Jennison Associates LLC purchased a new stake in Immunovant during the fourth quarter worth about $17,806,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

About Immunovant

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.