Immunovant (NASDAQ:IMVT) Insider Sells 1,327 Shares of Stock

Key Points

• Immunovant insider Christopher Van Tuyl sold 1,327 shares for approximately $42,544, reducing his position by 0.75% to 175,218 shares. The sale covered tax-withholding obligations tied to vested equity awards.
• Immunovant shares traded at $30.47, below their 50-day moving average of $38.58, while the company recently reported a quarterly loss of $0.75 per share, missing analysts’ $0.63-loss estimate.
• Analysts maintain a generally positive view, with a “Moderate Buy” consensus and a $44 average price target; institutional investors own approximately 47.08% of the stock.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Christopher Van Tuyl sold 1,327 shares of Immunovant stock in a transaction dated Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total value of $42,543.62. Following the sale, the insider directly owned 175,218 shares of the company's stock, valued at $5,617,489.08. This trade represents a 0.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Tuyl Christopher Van also recently made the following trade(s):

• On Wednesday, September 23rd, Christopher Van Tuyl sold 2,846 shares of Immunovant stock. The stock was sold at an average price of $36.36, for a total transaction of $103,480.56.

Immunovant Price Performance

NASDAQ:IMVT traded up $0.21 during midday trading on Friday, hitting $30.47. The company's stock had a trading volume of 1,494,823 shares, compared to its average volume of 1,514,941. Immunovant, Inc. has a fifty-two week low of $16.59 and a fifty-two week high of $45.42. The firm has a market cap of $6.29 billion, a P/E ratio of -10.80 and a beta of 0.84. The firm's 50 day moving average is $38.58 and its 200-day moving average is $34.46.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the firm posted ($0.71) EPS. As a group, analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on IMVT shares. Cantor Fitzgerald reissued an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research report on Friday, October 2nd. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a research report on Wednesday, July 29th. HC Wainwright restated a "buy" rating on shares of Immunovant in a research report on Thursday, September 24th. Finally, UBS Group reaffirmed a "buy" rating on shares of Immunovant in a research note on Wednesday, September 23rd. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $44.00.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently modified their holdings of IMVT. The Manufacturers Life Insurance Company acquired a new stake in shares of Immunovant during the 2nd quarter valued at about $1,871,000. Renaissance Technologies LLC acquired a new position in Immunovant in the 1st quarter worth about $4,782,000. GSA Capital Partners LLP acquired a new position in Immunovant in the 2nd quarter worth about $2,515,000. Man Group plc acquired a new position in Immunovant in the 2nd quarter worth about $5,399,000. Finally, Squarepoint Ops LLC purchased a new position in Immunovant during the second quarter worth approximately $2,996,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

About Immunovant

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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