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

Key Points

• Immunovant CTO Jay Stout sold 3,487 shares on July 8 at an average price of $39.55, totaling about $137,911. The sale reduced his stake by 1.65% and was reportedly done to cover tax withholding tied to vesting equity awards.
• IMVT shares were down 3.4% in Friday trading to $39.71, near their 52-week high of $41.23. The company has a market cap of about $8.15 billion.
• Analyst sentiment is mixed but slightly positive, with six Buy ratings, four Hold ratings, and one Sell rating. MarketBeat data shows a consensus rating of Hold and an average price target of $39.70.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay Stout sold 3,487 shares of the firm's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer owned 208,198 shares of the company's stock, valued at approximately $8,234,230.90. This trade represents a 1.65% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Down 3.4%

Shares of NASDAQ IMVT traded down $1.38 during midday trading on Friday, reaching $39.71. The company's stock had a trading volume of 1,095,102 shares, compared to its average volume of 1,648,906. The company has a 50 day moving average price of $33.40 and a 200 day moving average price of $28.67. Immunovant, Inc. has a one year low of $14.32 and a one year high of $41.23. The company has a market cap of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its 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 period in the previous year, the company posted ($0.64) EPS. Research analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on IMVT shares. Sanford C. Bernstein initiated coverage on Immunovant in a report on Friday, March 20th. They set a "market perform" rating and a $28.00 target price for the company. Bank of America upped their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Truist Financial lifted their target price 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. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research report on Monday. Finally, Citigroup raised their price objective 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 equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Immunovant has a consensus rating of "Hold" and an average target price of $39.70.

Institutional Investors Weigh In On Immunovant

Institutional investors have recently bought and sold shares of the business. Empowered Funds LLC grew its stake in Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company's stock valued at $362,000 after acquiring an additional 381 shares in the last quarter. Wellington Management Group LLP boosted its holdings in shares of Immunovant by 2.7% during the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company's stock worth $733,000 after purchasing an additional 755 shares during the period. Royal Bank of Canada boosted its holdings in shares of Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company's stock worth $116,000 after purchasing an additional 780 shares during the period. The Manufacturers Life Insurance Company grew its position in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock valued at $578,000 after purchasing an additional 900 shares in the last quarter. Finally, Banque Pictet & Cie SA grew its position in Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company's stock valued at $2,920,000 after purchasing an additional 993 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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