Immunovant (NASDAQ:IMVT) Stock: Insider Jay Stout Sells 3,809 Shares

Key Points

• CTO Jay Stout sold 3,809 Immunovant shares for approximately $122,117 to cover tax withholding tied to vested equity awards, reducing his position by 1.85%.
• Immunovant shares rose 0.7% to $30.47, while the company reported a quarterly EPS loss of $0.75, missing analysts’ $0.63-loss estimate; revenue matched expectations at $7.09 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $44, and institutional investors own approximately 47.08% of the stock.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay Stout sold 3,809 shares of the firm's stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total value of $122,116.54. Following the transaction, the chief technology officer directly owned 201,532 shares of the company's stock, valued at $6,461,115.92. This represents a 1.85% 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 Up 0.7%

Immunovant stock 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 12 month low of $16.59 and a 12 month high of $45.42. The company has a market capitalization of $6.29 billion, a PE ratio of -10.80 and a beta of 0.84. The stock's 50-day moving average price is $38.58 and its 200-day moving average price is $34.46.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IMVT. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a research report on Wednesday, July 29th. UBS Group reaffirmed a "buy" rating on shares of Immunovant in a research report on Wednesday, September 23rd. JPMorgan Chase & Co. upped their target price on Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Citigroup reiterated a "positive" rating on shares of Immunovant in a research report on Thursday, September 24th. Finally, HC Wainwright reissued a "buy" rating on shares of Immunovant in a research note on Thursday, September 24th. Eight 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 MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.00.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new stake in shares of Immunovant in the second quarter valued at $276,680,000. Two Seas Capital LP boosted its position in shares of Immunovant by 46.5% in the third quarter. Two Seas Capital LP now owns 4,612,692 shares of the company's stock worth $155,817,000 after buying an additional 1,464,187 shares during the period. ADAR1 Capital Management LLC purchased a new position in shares of Immunovant during the second quarter valued at $89,802,000. Jennison Associates LLC grew its holdings in shares of Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company's stock valued at $79,406,000 after buying an additional 2,496,241 shares in the last quarter. Finally, Perceptive Advisors LLC raised its position in Immunovant by 25.6% during the fourth quarter. Perceptive Advisors LLC now owns 1,994,890 shares of the company's stock valued at $50,710,000 after buying an additional 407,000 shares during the period. 47.08% of the stock is currently 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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