Immunovant (NASDAQ:IMVT) Insider Tuyl Christopher Van Sells 2,877 Shares

Key Points

• Insider sale: Director Tuyl Christopher Van sold 2,877 shares at an average price of $24.97 on March 18 for $71,838.69, reducing his stake by 1.92% to 147,053 shares valued at about $3.67 million.
• IMVT traded down to $22.98 with heavy volume (3.89M vs. avg. 1.10M); the stock sits between its 50-day MA of $26.16 and 200-day MA of $22.84, with a 1-year range of $12.72–$29.25.
• Fundamentals and sentiment are mixed: Immunovant beat quarterly EPS estimates (-$0.61 vs. -$0.72), but analysts’ consensus is a Hold with a $32 target and divergent individual targets from $28 up to $50.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Tuyl Christopher Van sold 2,877 shares of the stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $24.97, for a total transaction of $71,838.69. Following the sale, the insider owned 147,053 shares of the company's stock, valued at approximately $3,671,913.41. This trade represents a 1.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Immunovant Price Performance

IMVT stock traded down $0.67 during midday trading on Friday, hitting $22.98. The stock had a trading volume of 3,885,142 shares, compared to its average volume of 1,096,149. The business has a fifty day moving average price of $26.16 and a two-hundred day moving average price of $22.84. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $29.25.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts' consensus estimates of ($0.72) by $0.11. During the same period last year, the company earned ($0.76) EPS. On average, analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Institutional Trading of Immunovant

Several hedge funds and other institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new position in shares of Immunovant in the fourth quarter worth $25,000. Strs Ohio bought a new stake in Immunovant during the first quarter valued at $27,000. Aster Capital Management DIFC Ltd purchased a new position in Immunovant during the third quarter worth about $33,000. PNC Financial Services Group Inc. increased its stake in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock worth $46,000 after acquiring an additional 1,646 shares during the last quarter. Finally, Quarry LP increased its stake in Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after acquiring an additional 1,461 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on IMVT. The Goldman Sachs Group boosted their target price on shares of Immunovant from $18.00 to $28.00 and gave the company a "neutral" rating in a research report on Monday, December 15th. Wolfe Research raised Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 target price on the stock in a research report on Tuesday, January 6th. Sanford C. Bernstein assumed coverage on Immunovant in a report on Friday. They issued a "market perform" rating and a $28.00 target price on the stock. Guggenheim lifted their price target on shares of Immunovant from $41.00 to $44.00 and gave the company a "buy" rating in a research report on Monday, February 9th. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research note on Friday, January 9th. Six 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. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $32.00.

Immunovant Company Profile

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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