Jay Stout Sells 3,487 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 3,487 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $137,910.85. Following the completion of the sale, the chief technology officer directly owned 208,198 shares in the company, valued at approximately $8,234,230.90. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of IMVT traded down $1.38 during mid-day trading on Friday, reaching $39.71. 1,095,103 shares of the company’s stock traded hands, compared to its average volume of 1,545,434. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $41.23. The stock has a market capitalization of $8.15 billion, a P/E ratio of -14.28 and a beta of 0.76. The business’s 50-day moving average price is $33.66 and its 200-day moving average price is $28.75.

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IMVT. Geneos Wealth Management Inc. acquired a new position in Immunovant during the 4th quarter valued at $25,000. Strs Ohio bought a new position in shares of Immunovant during the 1st quarter worth about $27,000. PNC Financial Services Group Inc. raised its position in shares of Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares during the last quarter. Quarry LP raised its position in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares during the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after buying an additional 4,273 shares during the period. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. HC Wainwright boosted their target price on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Bank of America raised their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Truist Financial increased their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Finally, Citigroup upped their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Six 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 company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $39.70.

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.