Immunovant (NASDAQ:IMVT) CEO Eric Venker Sells 3,506 Shares of Company Stock

Key Points

• CEO Eric Venker sold 3,506 Immunovant shares for approximately $119,590, reducing his holdings by 1.35% to 257,075 shares. The sale covered tax-withholding obligations tied to vested equity awards.
• Immunovant shares recently traded at $33.25, below their 50-day moving average of $39.03 but above the 200-day average of $34.29. The stock’s 52-week range is $15.95 to $45.42.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $44 average price target; however, the company reported a quarterly EPS loss of $0.75, missing estimates.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CEO Eric Venker sold 3,506 shares of the firm's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $34.11, for a total value of $119,589.66. Following the transaction, the chief executive officer directly owned 257,075 shares of the company's stock, valued at $8,768,828.25. This represents a 1.35% decrease in their position. The sale was disclosed in a 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 Performance

NASDAQ IMVT traded down $0.37 on Monday, reaching $33.25. The company's stock had a trading volume of 1,103,234 shares, compared to its average volume of 1,510,987. Immunovant, Inc. has a twelve month low of $15.95 and a twelve month high of $45.42. The firm's 50 day moving average is $39.03 and its two-hundred day moving average is $34.29. The stock has a market cap of $6.87 billion, a PE ratio of -11.79 and a beta of 0.84.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the prior year, the firm earned ($0.71) EPS. Equities research analysts anticipate that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Quantbot Technologies LP acquired a new stake in Immunovant during the 2nd quarter worth about $87,000. Nykredit A S purchased a new stake in shares of Immunovant in the second quarter worth approximately $174,000. State of Wyoming purchased a new stake in shares of Immunovant in the second quarter worth approximately $208,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Immunovant in the 2nd quarter worth approximately $223,000. Finally, Keybank National Association OH acquired a new stake in shares of Immunovant during the 1st quarter valued at $342,000. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IMVT. HC Wainwright reissued a "buy" rating on shares of Immunovant in a research note on Thursday, September 24th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. UBS Group reiterated a "buy" rating on shares of Immunovant in a research report on Wednesday, September 23rd. JPMorgan Chase & Co. lifted their price target on Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Finally, Citigroup restated a "positive" rating on shares of Immunovant in a report on Thursday, September 24th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.00.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company's approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant's lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves' disease, and has also pursued development in other antibody-mediated disorders.

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