Insider Selling: Immunovant (NASDAQ:IMVT) Insider Sells $47,697.30 in Stock

Key Points

• Immunovant insider Tuyl Christopher Van sold 1,206 shares on July 8 at an average price of $39.55, for a total of $47,697.30. The sale was disclosed to the SEC and was made to cover tax withholding obligations tied to vesting equity awards.
• The insider also sold a much larger block recently, offloading 17,824 shares on June 26 for about $682,837.44, indicating a pattern of recent selling activity.
• IMVT shares fell 3.4% to $39.71 in Friday trading, while the company continues to post losses; its latest quarterly EPS missed estimates, though Wall Street’s consensus rating remains “Hold” with an average price target of $39.70.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Tuyl Christopher Van sold 1,206 shares of the firm's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $47,697.30. Following the completion of the sale, the insider owned 179,391 shares of the company's stock, valued at approximately $7,094,914.05. This trade represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 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 Friday, June 26th, Tuyl Christopher Van sold 17,824 shares of Immunovant stock. The stock was sold at an average price of $38.31, for a total transaction of $682,837.44.

Immunovant Trading Down 3.4%

NASDAQ IMVT traded down $1.38 on Friday, hitting $39.71. 1,095,102 shares of the company were exchanged, compared to its average volume of 1,648,906. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $41.23. The firm has a 50 day moving average of $33.40 and a two-hundred day moving average of $28.67. The company has a market cap of $8.15 billion, a P/E ratio of -14.28 and a beta of 0.76.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter in the previous year, the business posted ($0.64) EPS. Research analysts anticipate that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

IMVT has been the subject of a number of research reports. The Goldman Sachs Group raised their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a "neutral" rating in a report on Wednesday, April 15th. Guggenheim increased their price objective on Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Sanford C. Bernstein began coverage on Immunovant in a research note on Friday, March 20th. They issued a "market perform" rating and a $28.00 target price for the company. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a research note on Monday. Finally, Truist Financial boosted their target price on Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a research report on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $39.70.

Institutional Investors Weigh In On Immunovant

Institutional investors have recently modified their holdings of the business. Geneos Wealth Management Inc. bought a new stake in shares of Immunovant during the fourth quarter worth approximately $25,000. Strs Ohio bought a new position in Immunovant in the first quarter valued at approximately $27,000. PNC Financial Services Group Inc. boosted its stake in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock valued at $46,000 after acquiring an additional 1,646 shares during the last quarter. Quarry LP grew its holdings in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after acquiring an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC grew its holdings in Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company's stock worth $98,000 after acquiring an additional 4,273 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

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