Tuyl Christopher Van Sells 1,206 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 1,206 shares of Immunovant stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $47,697.30. Following the transaction, the insider owned 179,391 shares in the company, valued at approximately $7,094,914.05. This trade represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

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

• On Friday, June 26th, Tuyl Christopher Van sold 17,824 shares of Immunovant stock. The shares were sold at an average price of $38.31, for a total value of $682,837.44.

Immunovant Trading Down 3.4%

IMVT stock traded down $1.38 during trading hours on Friday, hitting $39.71. 1,095,103 shares of the stock traded hands, compared to its average volume of 1,545,434. The stock has a 50-day simple moving average of $33.66 and a 200 day simple moving average of $28.75. The company has a market cap of $8.15 billion, a P/E ratio of -14.28 and a beta of 0.76. Immunovant, Inc. has a one year low of $14.32 and a one year high of $41.23.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the company posted ($0.64) EPS. Analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts recently commented on IMVT shares. Bank of America increased their target price on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Citigroup upped their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. The Goldman Sachs Group lifted their target price on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, HC Wainwright boosted their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $39.70.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Handelsbanken Fonder AB raised its holdings in shares of Immunovant by 6.8% during the second quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock valued at $1,329,000 after acquiring an additional 2,200 shares during the period. Hennion & Walsh Asset Management Inc. boosted its stake in Immunovant by 32.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 120,686 shares of the company’s stock worth $4,650,000 after purchasing an additional 29,677 shares during the period. Bank of America Corp DE grew its position 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 purchasing an additional 580,197 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in 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 purchasing an additional 198,042 shares during the period. Finally, California State Teachers Retirement System raised its stake in Immunovant by 9.7% during the 1st quarter. California State Teachers Retirement System now owns 94,286 shares of the company’s stock valued at $2,342,000 after purchasing an additional 8,334 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

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.