Immunovant (NASDAQ:IMVT) CEO Eric Venker Sells 3,092 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CEO Eric Venker sold 3,092 shares of the company’s stock in a transaction dated Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the sale, the chief executive officer owned 254,280 shares of the company’s stock, valued at $9,784,694.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $38.80 on Tuesday. The stock has a 50-day simple moving average of $32.46 and a 200-day simple moving average of $28.29. The stock has a market capitalization of $7.97 billion, a P/E ratio of -13.94 and a beta of 0.76. Immunovant, Inc. has a 1 year low of $14.32 and a 1 year high of $39.28.

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of IMVT. RTW Investments LP acquired a new stake in Immunovant during the fourth quarter worth about $80,781,000. Morgan Stanley boosted its position in Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after purchasing an additional 2,887,359 shares during the period. Jennison Associates LLC grew its stake in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after buying an additional 2,496,241 shares during the last quarter. ADAR1 Capital Management LLC increased its position in Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after buying an additional 1,706,687 shares during the period. Finally, Logos Global Management LP lifted its stake in Immunovant by 400.0% in the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after buying an additional 1,100,000 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IMVT. The Goldman Sachs Group upped their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. HC Wainwright raised their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Citigroup lifted their price objective on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Guggenheim increased their target price on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $39.70.

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.