Jay Stout Sells 1,977 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 1,977 shares of the business’s stock in a transaction on Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total transaction of $51,461.31. Following the transaction, the chief technology officer owned 197,634 shares in the company, valued at $5,144,413.02. The trade was a 0.99% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Immunovant Stock Down 0.6%

NASDAQ:IMVT traded down $0.17 during trading hours on Friday, reaching $26.01. The company had a trading volume of 1,131,544 shares, compared to its average volume of 1,652,440. The firm has a market cap of $4.56 billion, a price-to-earnings ratio of -9.16 and a beta of 0.57. The business’s 50-day simple moving average is $25.07 and its two-hundred day simple moving average is $20.11. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $27.80.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same quarter in the prior year, the business posted ($0.74) earnings per share. As a group, equities analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Hedge Funds Weigh In On Immunovant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Immunovant by 8.9% during 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 during the period. Goldman Sachs Group Inc. increased its position in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after buying an additional 329,354 shares during the period. Strs Ohio purchased a new stake in shares of Immunovant in the first quarter worth about $27,000. Farther Finance Advisors LLC boosted its position in shares of Immunovant by 142,750.0% in the second quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company’s stock valued at $46,000 after acquiring an additional 2,855 shares during the period. Finally, Platinum Investment Management Ltd. boosted its position in shares of Immunovant by 24.7% in the second quarter. Platinum Investment Management Ltd. now owns 195,727 shares of the company’s stock valued at $3,132,000 after acquiring an additional 38,738 shares during the period. Institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on IMVT shares. The Goldman Sachs Group upped their price objective on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. Truist Financial boosted their target price on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research report on Thursday, January 8th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. JPMorgan Chase & Co. cut their price target on Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research note on Tuesday, September 30th. Finally, Wolfe Research raised Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $30.78.

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.