Insider Selling: Immunovant (NASDAQ:IMVT) CTO Sells $75,099.30 in Stock

Key Points

• Immunovant CTO Jay Stout sold 2,595 shares for approximately $75,099 at an average price of $28.94. The sale covered tax-withholding obligations tied to vested equity awards and reduced his position by 1.29%.
• IMVT shares fell to $28.41, while the company reported a quarterly loss of $0.75 per share, missing the consensus estimate of a $0.63 loss; revenue totaled $7.09 million.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $44.00, compared with the stock’s reported trading price.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay Stout sold 2,595 shares of Immunovant stock in a transaction on Wednesday, October 21st. The shares were sold at an average price of $28.94, for a total transaction of $75,099.30. Following the transaction, the chief technology officer owned 198,937 shares in the company, valued at $5,757,236.78. The trade was a 1.29% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of IMVT stock traded down $0.69 during trading hours on Friday, reaching $28.41. The company had a trading volume of 641,348 shares, compared to its average volume of 1,511,706. The company has a market capitalization of $5.87 billion, a P/E ratio of -10.07 and a beta of 0.84. Immunovant, Inc. has a twelve month low of $18.74 and a twelve month high of $45.42. The stock's fifty day simple moving average is $36.25 and its 200 day simple moving average is $34.74.

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

Hedge Funds Weigh In On Immunovant

Hedge funds have recently modified their holdings of the stock. Empowered Funds LLC increased its stake in Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company's stock worth $362,000 after purchasing an additional 381 shares in the last quarter. Corient Private Wealth LP lifted its stake in Immunovant by 1.8% during the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company's stock valued at $945,000 after buying an additional 442 shares in the last quarter. GAMMA Investing LLC lifted its stake in Immunovant by 63.6% during the third quarter. GAMMA Investing LLC now owns 1,224 shares of the company's stock valued at $41,000 after buying an additional 476 shares in the last quarter. Swiss National Bank lifted its stake in Immunovant by 0.7% during the first quarter. Swiss National Bank now owns 159,400 shares of the company's stock valued at $3,959,000 after buying an additional 1,100 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in Immunovant by 7.7% during the second quarter. Wellington Management Group LLP now owns 30,722 shares of the company's stock valued at $1,184,000 after buying an additional 2,197 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Immunovant Company Profile

Immunovant, Inc NASDAQ: IMVT is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant's lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.