Immunovant (NASDAQ:IMVT) CFO Tiago Girao Sells 25,760 Shares

Key Points

• CFO Tiago Girao sold 25,760 shares of Immunovant on April 23 at an average price of $29.62, generating about $763,011, a transaction disclosed in an SEC filing.
• The sale, made to cover tax withholding from vesting equity awards, reduced Girao's holdings by 9.42% to 247,596 shares valued at roughly $7.33 million.
• Immunovant shares recently traded near $28.58 (52-week range $13.36–$30.09) with a $5.82 billion market cap, and analysts carry an average "Hold" rating with a consensus target of $32.44.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CFO Tiago Girao sold 25,760 shares of Immunovant stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $763,011.20. Following the completion of the transaction, the chief financial officer directly owned 247,596 shares in the company, valued at approximately $7,333,793.52. This represents a 9.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

Shares of Immunovant stock traded down $0.33 during midday trading on Friday, reaching $28.58. The company had a trading volume of 1,359,491 shares, compared to its average volume of 1,439,410. The stock has a fifty day moving average price of $25.94 and a 200 day moving average price of $24.54. The firm has a market cap of $5.82 billion, a PE ratio of -10.62 and a beta of 0.67. Immunovant, Inc. has a fifty-two week low of $13.36 and a fifty-two week high of $30.09.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same quarter in the prior year, the business posted ($0.76) EPS. As a group, sell-side analysts forecast that Immunovant, Inc. will post -2.67 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Wolfe Research upgraded shares of Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a report on Tuesday, January 6th. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They set a "market perform" rating and a $28.00 price target for the company. HC Wainwright reiterated a "buy" rating and set a $35.00 price target on shares of Immunovant in a report on Tuesday, February 10th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a report on Wednesday, April 8th. Finally, Truist Financial increased their price target on Immunovant from $16.00 to $22.00 and gave the stock a "hold" rating in a report on Thursday, January 8th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $32.44.

Institutional Trading of Immunovant

Large investors have recently bought and sold shares of the business. Geneos Wealth Management Inc. acquired a new stake in Immunovant during the 4th quarter worth about $25,000. Strs Ohio acquired a new stake in Immunovant during the 1st quarter worth about $27,000. Aster Capital Management DIFC Ltd bought a new position in shares of Immunovant during the 3rd quarter worth about $33,000. PNC Financial Services Group Inc. boosted its position in shares of Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock worth $46,000 after purchasing an additional 1,646 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after purchasing an additional 1,461 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.

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