Insider Selling: Immunovant (NASDAQ:IMVT) Insider Sells 2,846 Shares of Stock

Key Points

• Insider sale: Christopher Van Tuyl sold 2,846 Immunovant shares for approximately $103,481 at an average price of $36.36. The transaction was made to cover tax withholding on vested equity awards, leaving him with 176,545 shares.
• Stock performance and earnings: Immunovant shares fell 2.1% to $33.30, while the company reported a quarterly loss of $0.75 per share, below analysts’ $0.63 loss estimate. Analysts expect a full-year loss of $2.96 per share.
• Analyst outlook: Wall Street maintains a consensus “Moderate Buy” rating, with a $44 average price target. Institutional investors own 47.08% of the company, and several funds recently initiated or increased positions.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Christopher Van Tuyl sold 2,846 shares of Immunovant stock in a transaction dated Wednesday, September 23rd. The shares were sold at an average price of $36.36, for a total transaction of $103,480.56. Following the sale, the insider owned 176,545 shares in the company, valued at approximately $6,419,176.20. This represents a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing 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, July 8th, Christopher Van Tuyl sold 1,206 shares of Immunovant stock. The stock was sold at an average price of $39.55, for a total transaction of $47,697.30.

Immunovant Trading Down 2.1%

NASDAQ:IMVT traded down $0.70 during midday trading on Friday, hitting $33.30. 2,083,971 shares of the stock were exchanged, compared to its average volume of 1,520,675. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of -11.81 and a beta of 0.81. Immunovant, Inc. has a one year low of $15.56 and a one year high of $45.42. The business has a 50-day moving average price of $39.89 and a two-hundred day moving average price of $33.89.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share 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 period last year, the business posted ($0.71) EPS. Sell-side analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a research report on Wednesday, July 29th. UBS Group reiterated a "buy" rating on shares of Immunovant in a report on Wednesday. JPMorgan Chase & Co. lifted their target price on shares of Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a research note on Tuesday, August 25th. Finally, HC Wainwright reissued a "buy" rating on shares of Immunovant in a report on Thursday. Eight equities 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $44.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new position in shares of Immunovant during the first quarter worth about $4,782,000. GSA Capital Partners LLP bought a new stake in Immunovant during the 2nd quarter worth about $2,515,000. Pictet Asset Management Holding SA grew its holdings in shares of Immunovant by 24.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company's stock valued at $11,734,000 after acquiring an additional 91,539 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in shares of Immunovant in the second quarter valued at about $11,397,000. Finally, Legal & General Group Plc bought a new position in Immunovant in the second quarter valued at approximately $2,609,000. 47.08% of the stock is owned by institutional investors.

About Immunovant

Immunovant, Inc NASDAQ: IMVT is a clinical-stage biopharmaceutical company developing therapies for patients with immune-mediated diseases. The company focuses on conditions in which disease-causing antibodies, or immunoglobulin G (IgG), play a central role, including autoimmune and inflammatory disorders.

Immunovant's lead product candidate is batoclimab, an investigational fully human monoclonal antibody designed to block the neonatal Fc receptor (FcRn). By inhibiting FcRn, batoclimab is intended to reduce circulating IgG antibodies that can contribute to autoimmune disease.

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