Immunovant (NASDAQ:IMVT) Insider Sells $71,838.69 in Stock
by Danessa Lincoln · The Markets DailyImmunovant, Inc. (NASDAQ:IMVT – Get Free Report) insider Tuyl Christopher Van sold 2,877 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $24.97, for a total value of $71,838.69. Following the transaction, the insider directly owned 147,053 shares of the company’s stock, valued at $3,671,913.41. The trade was a 1.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Immunovant Stock Down 2.8%
Shares of IMVT stock traded down $0.67 during trading on Friday, hitting $22.98. The company had a trading volume of 3,885,142 shares, compared to its average volume of 1,096,149. The stock’s 50-day moving average is $26.16 and its two-hundred day moving average is $22.84. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $29.25.
Immunovant (NASDAQ:IMVT – Get Free Report) last announced its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter in the prior year, the business earned ($0.76) EPS. Sell-side analysts predict that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.
Institutional Trading of Immunovant
Several hedge funds and other institutional investors have recently bought and sold shares of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Immunovant by 8.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after buying an additional 3,348 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after buying an additional 329,354 shares during the period. Strs Ohio bought a new position in shares of Immunovant during the first quarter valued at approximately $27,000. Geode Capital Management LLC raised its holdings in shares of Immunovant by 9.1% during the second quarter. Geode Capital Management LLC now owns 1,825,602 shares of the company’s stock valued at $29,213,000 after acquiring an additional 153,012 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey lifted its stake in Immunovant by 29.5% in the second quarter. Police & Firemen s Retirement System of New Jersey now owns 16,301 shares of the company’s stock worth $261,000 after acquiring an additional 3,712 shares during the period. Institutional investors own 47.08% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the stock. The Goldman Sachs Group lifted 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. Truist Financial raised their price target on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Guggenheim upped their price objective on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, Sanford C. Bernstein started coverage on Immunovant in a research report on Friday. They set a “market perform” rating and a $28.00 price objective on the stock. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $32.00.
Check Out Our Latest Analysis on Immunovant
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.