Jay Stout Sells 10,132 Shares of Immunovant (NASDAQ:IMVT) Stock

Key Points

• CTO Jay Stout sold 10,132 shares of Immunovant on April 8 at an average of $24.83 to cover tax withholding on vested equity, trimming his direct stake by 3.83% to 254,439 shares (≈$6.32M).
• IMVT shares traded down about 4.5% to $24.50 amid the news; the company reported a quarterly EPS of ($0.61) beating estimates, while analysts have a consensus "Hold" rating with an average price target of $32 and the stock carries a market cap of ~$4.99B.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay Stout sold 10,132 shares of the company's stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $251,577.56. Following the sale, the chief technology officer directly owned 254,439 shares of the company's stock, valued at approximately $6,317,720.37. This represents a 3.83% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Down 4.5%

IMVT stock traded down $1.15 during mid-day trading on Friday, reaching $24.50. The company's stock had a trading volume of 1,212,256 shares, compared to its average volume of 1,394,212. The company's 50 day moving average is $25.63 and its two-hundred day moving average is $23.74. Immunovant, Inc. has a fifty-two week low of $13.36 and a fifty-two week high of $29.25. The stock has a market cap of $4.99 billion, a PE ratio of -9.11 and a beta of 0.67.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its 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 firm earned ($0.76) EPS. On average, analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Institutional Trading of Immunovant

Hedge funds have recently modified their holdings of the stock. Geneos Wealth Management Inc. acquired a new position in Immunovant during the 4th quarter worth $25,000. Strs Ohio acquired a new stake in Immunovant in the 1st quarter valued at about $27,000. Aster Capital Management DIFC Ltd acquired a new stake in Immunovant in the 3rd quarter valued at about $33,000. PNC Financial Services Group Inc. boosted its stake in shares of Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock valued at $46,000 after buying an additional 1,646 shares during the period. Finally, Quarry LP boosted its stake in shares of Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock valued at $76,000 after buying an additional 1,461 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Wolfe Research raised Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 price target on the stock in a research note on Tuesday, January 6th. The Goldman Sachs Group raised their price objective on Immunovant from $18.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, December 15th. Truist Financial boosted their price objective on shares of Immunovant from $16.00 to $22.00 and gave the company a "hold" rating in a report on Thursday, January 8th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research note on Friday, March 20th. They set a "market perform" rating and a $28.00 target price for the company. Finally, HC Wainwright reaffirmed a "buy" rating and set a $35.00 target price on shares of Immunovant in a research note on Tuesday, February 10th. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $32.00.

Immunovant Company Profile

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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