Immunovant (NASDAQ:IMVT) Insider Tuyl Christopher Van Sells 17,824 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 17,824 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44. Following the sale, the insider directly owned 180,597 shares of the company’s stock, valued at $6,918,671.07. This represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Tuyl Christopher Van also recently made the following trade(s):

• On Wednesday, April 8th, Tuyl Christopher Van sold 5,165 shares of Immunovant stock. The shares were sold at an average price of $24.83, for a total transaction of $128,246.95.

Immunovant Stock Up 1.6%

Shares of NASDAQ:IMVT opened at $38.85 on Friday. Immunovant, Inc. has a 52-week low of $14.32 and a 52-week high of $39.28. The business has a 50-day moving average price of $31.47 and a 200-day moving average price of $27.77. The stock has a market cap of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results 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 prior year, the firm posted ($0.64) earnings per share. As a group, equities analysts anticipate that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on IMVT shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Sanford C. Bernstein began coverage on Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price on the stock. Citigroup reiterated a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. The Goldman Sachs Group boosted their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Finally, Guggenheim raised their price objective on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Immunovant presently has an average rating of “Hold” and an average price target of $37.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in IMVT. Deep Track Capital LP increased its holdings in Immunovant by 2.4% in the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock valued at $156,829,000 after buying an additional 228,845 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Immunovant by 14.0% during the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after purchasing an additional 952,504 shares in the last quarter. Armistice Capital LLC grew its holdings in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock worth $94,076,000 after acquiring an additional 636,000 shares during the last quarter. Morgan Stanley raised its holdings in shares of Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after acquiring an additional 2,887,359 shares during the period. Finally, State Street Corp raised its position in Immunovant by 30.9% during the fourth quarter. State Street Corp now owns 3,786,926 shares of the company’s stock valued at $96,264,000 after buying an additional 894,308 shares during the period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

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.