Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) CTO Sells 2,805 Shares of Stock

Key Points

• Immunovant's CTO Jay S. Stout sold 2,805 shares at an average price of $18.15, resulting in a total transaction value of $50,910.75, which decreased his ownership by 1.35%.
• The company's stock fell 7.5% to $16.95, with recent trading volume significantly higher than its average.
• Immunovant reported earnings of ($0.64) EPS, which exceeded analysts' expectations, with a current consensus rating of "Moderate Buy" and an average price target of $36.30.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $50,910.75. Following the transaction, the chief technology officer owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Immunovant Stock Down 7.5%

Shares of NASDAQ IMVT traded down $1.37 during midday trading on Friday, reaching $16.95. The company's stock had a trading volume of 4,512,781 shares, compared to its average volume of 1,138,698. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47. The company has a 50 day moving average price of $16.18 and a 200 day moving average price of $17.76.

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

Institutional Trading of Immunovant

Hedge funds have recently bought and sold shares of the company. Strs Ohio purchased a new stake in Immunovant during the first quarter valued at about $27,000. FNY Investment Advisers LLC purchased a new stake in Immunovant during the first quarter valued at about $34,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Immunovant during the first quarter valued at about $37,000. Farther Finance Advisors LLC lifted its stake in Immunovant by 142,750.0% during the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company's stock valued at $46,000 after buying an additional 2,855 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new stake in Immunovant during the first quarter valued at about $51,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research report on Thursday, July 10th. UBS Group restated a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $36.30.

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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