Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) CTO Sells 1,519 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay S. Stout sold 1,519 shares of Immunovant stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $17.24, for a total transaction of $26,187.56. Following the sale, the chief technology officer directly owned 207,724 shares in the company, valued at approximately $3,581,161.76. The trade was a 0.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Immunovant Stock Performance

Shares of Immunovant stock traded up $0.63 during trading hours on Friday, reaching $18.13. 1,272,861 shares of the company were exchanged, compared to its average volume of 1,220,771. Immunovant, Inc. has a 1 year low of $12.72 and a 1 year high of $34.47. The stock's fifty day moving average is $15.44 and its 200 day moving average is $18.24. The firm has a market cap of $3.10 billion, a PE ratio of -6.62 and a beta of 0.63.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The company reported ($0.64) earnings per share for the quarter, topping analysts' consensus estimates of ($0.72) by $0.08. The company had revenue of $0.16 million for the quarter. During the same quarter in the prior year, the company earned ($0.52) earnings per share. Research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently commented on IMVT shares. Bank of America reduced their price target on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. UBS Group reaffirmed a "neutral" rating and set a $17.00 price target (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. HC Wainwright reaffirmed a "buy" rating and set a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research report on Thursday. Finally, Guggenheim reissued a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and a consensus target price of $36.30.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently modified their holdings of the company. Strs Ohio acquired a new position in shares of Immunovant during the first quarter worth $27,000. FNY Investment Advisers LLC acquired a new position in shares of Immunovant during the first quarter worth $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Immunovant during the first quarter worth $37,000. Farther Finance Advisors LLC grew its stake in shares of Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company's stock worth $46,000 after purchasing an additional 2,855 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in shares of Immunovant during the first quarter worth $51,000. Institutional investors and hedge funds own 47.08% of the company's stock.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.

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