Immunovant (NASDAQ:IMVT) CTO Jay Stout Sells 1,203 Shares

by · The Markets Daily

Immunovant, Inc. (NASDAQ:IMVT – Get Free Report) CTO Jay Stout sold 1,203 shares of the company’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $26.53, for a total transaction of $31,915.59. Following the completion of the transaction, the chief technology officer owned 199,611 shares of the company’s stock, valued at $5,295,679.83. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Immunovant Stock Down 1.1%

Shares of IMVT traded down $0.28 during trading hours on Friday, reaching $26.03. 1,589,662 shares of the company traded hands, compared to its average volume of 1,872,065. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $27.80. The company’s fifty day moving average price is $24.55 and its two-hundred day moving average price is $19.42. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of -9.17 and a beta of 0.57.

Immunovant (NASDAQ:IMVT – Get Free Report) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period last year, the firm posted ($0.74) EPS. On average, analysts expect that Immunovant, Inc. will post -2.69 EPS for the current year.

Institutional Trading of Immunovant

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Two Seas Capital LP grew its holdings in shares of Immunovant by 37.1% during the second quarter. Two Seas Capital LP now owns 2,252,772 shares of the company’s stock valued at $36,044,000 after buying an additional 610,000 shares during the last quarter. Capital Fund Management S.A. bought a new position in Immunovant in the 2nd quarter valued at approximately $888,000. Assenagon Asset Management S.A. bought a new position in Immunovant in the 3rd quarter valued at approximately $3,308,000. Geode Capital Management LLC boosted its stake in Immunovant by 9.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,825,602 shares of the company’s stock valued at $29,213,000 after purchasing an additional 153,012 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its holdings in shares of Immunovant by 13.9% in the 2nd quarter. Handelsbanken Fonder AB now owns 23,800 shares of the company’s stock worth $381,000 after purchasing an additional 2,900 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

IMVT has been the topic of several recent research reports. JPMorgan Chase & Co. reduced their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. Truist Financial upped their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday. Guggenheim reiterated a “buy” rating and issued a $41.00 price target on shares of Immunovant in a research note on Thursday, December 18th. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday. Finally, The Goldman Sachs Group upped their price objective on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Immunovant presently has an average rating of “Moderate Buy” and a consensus target price of $30.78.

Read Our Latest Stock Report on Immunovant

About Immunovant

(Get Free Report)

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.

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