Insider Selling: Immunovant (NASDAQ:IMVT) Insider Sells 5,165 Shares of Stock

Key Points

• Insider sale: Director Tuyl Christopher Van sold 5,165 shares on April 8 at an average price of $24.83 for $128,246.95 to cover tax withholding from vested equity, leaving him with 183,231 shares (a 2.74% drop in his position).
• Stock snapshot: IMVT closed near $24.50 with a 52-week range of $13.36–$29.25, a market cap of about $4.99 billion and a negative P/E, reflecting its clinical-stage status.
• Analyst and ownership landscape: The consensus rating is “Hold” with an average price target of $32, analysts split between Buy/Hold/Sell, and institutional investors own roughly 47% of the stock (notable position increases by Goldman Sachs).

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Tuyl Christopher Van sold 5,165 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $128,246.95. Following the completion of the sale, the insider owned 183,231 shares in the company, valued at $4,549,625.73. The trade was a 2.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible 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 Wednesday, March 18th, Tuyl Christopher Van sold 2,877 shares of Immunovant stock. The stock was sold at an average price of $24.97, for a total transaction of $71,838.69.

Immunovant Stock Performance

NASDAQ IMVT traded down $1.15 on Friday, reaching $24.50. 1,212,256 shares of the company's stock traded hands, compared to its average volume of 1,394,212. Immunovant, Inc. has a fifty-two week low of $13.36 and a fifty-two week high of $29.25. The firm has a market cap of $4.99 billion, a price-to-earnings ratio of -9.11 and a beta of 0.67. The stock has a 50 day moving average price of $25.63 and a 200-day moving average price of $23.74.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same period last year, the company earned ($0.76) EPS. As a group, equities research analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. The Goldman Sachs Group raised their target price on Immunovant from $18.00 to $28.00 and gave the stock a "neutral" rating in a report on Monday, December 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a report on Wednesday. Guggenheim upped their price objective on Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, February 9th. Sanford C. Bernstein started coverage on shares of Immunovant in a research note on Friday, March 20th. They set a "market perform" rating and a $28.00 price objective on the stock. Finally, Wolfe Research raised shares of Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 target price for the company in a report on Tuesday, January 6th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $32.00.

Institutional Investors Weigh In On Immunovant

A number of institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Immunovant by 8.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company's stock valued at $708,000 after purchasing an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in Immunovant by 48.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock worth $17,222,000 after purchasing an additional 329,354 shares during the period. Strs Ohio purchased a new position in Immunovant during the first quarter worth approximately $27,000. Legal & General Group Plc grew its holdings in Immunovant by 6.9% in the second quarter. Legal & General Group Plc now owns 77,296 shares of the company's stock valued at $1,237,000 after purchasing an additional 5,010 shares during the period. Finally, Invesco Ltd. grew its holdings in Immunovant by 20.7% in the second quarter. Invesco Ltd. now owns 66,750 shares of the company's stock valued at $1,068,000 after purchasing an additional 11,438 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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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