Immunovant (NASDAQ:IMVT) CTO Sells $81,573.48 in Stock

Key Points

• CTO Jay Stout sold 2,754 shares on April 23 at an average price of $29.62 for $81,573.48 to cover tax withholding from vested awards, reducing his stake by 1.08% to 251,685 shares.
• Shares were down 1.1% to $28.58; Immunovant has a $5.82B market cap, recently beat quarterly EPS estimates (−$0.61 vs. −$0.72), and analysts' consensus is a Hold with a $32.44 target after several price-target upgrades.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay Stout sold 2,754 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 transaction of $81,573.48. Following the completion of the transaction, the chief technology officer directly owned 251,685 shares in the company, valued at approximately $7,454,909.70. The trade was a 1.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Down 1.1%

Shares of Immunovant stock traded down $0.33 on Friday, reaching $28.58. The stock had a trading volume of 1,359,491 shares, compared to its average volume of 1,439,410. The company has a 50 day moving average price of $25.94 and a 200 day moving average price of $24.54. Immunovant, Inc. has a 1 year low of $13.36 and a 1 year high of $30.09. The stock has a market capitalization of $5.82 billion, a P/E ratio of -10.62 and a beta of 0.67.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.72) by $0.11. During the same quarter in the previous year, the company posted ($0.76) earnings per share. On average, analysts forecast that Immunovant, Inc. will post -2.67 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IMVT. Guggenheim lifted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, February 9th. Truist Financial lifted their price objective on shares of Immunovant from $16.00 to $22.00 and gave the stock a "hold" rating in a research report on Thursday, January 8th. 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 report on Tuesday, January 6th. The Goldman Sachs Group lifted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Finally, Sanford C. Bernstein started coverage on shares of Immunovant in a research report on Friday, March 20th. They set a "market perform" rating and a $28.00 target price on the stock. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Immunovant presently 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 stock. Granahan Investment Management LLC grew its position in Immunovant by 24.9% during the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company's stock worth $4,291,000 after purchasing an additional 53,133 shares during the last quarter. Alpine Global Management LLC grew its position in Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company's stock worth $44,406,000 after purchasing an additional 128,039 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in Immunovant during the 4th quarter worth approximately $1,823,000. Aberdeen Group plc grew its position in Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company's stock worth $30,100,000 after purchasing an additional 202,318 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Immunovant by 679.7% during the 3rd quarter. SG Americas Securities LLC now owns 62,598 shares of the company's stock worth $1,009,000 after purchasing an additional 54,570 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

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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