Immunovant (NASDAQ:IMVT) CTO Jay Stout Sells 40,000 Shares

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the completion of the transaction, the chief technology officer owned 211,685 shares in the company, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Immunovant Stock Performance

Immunovant stock opened at $38.85 on Friday. The company has a market capitalization of $7.98 billion, a PE ratio of -13.97 and a beta of 0.76. Immunovant, Inc. has a fifty-two week low of $14.32 and a fifty-two week high of $39.28. The firm has a 50 day moving average price of $31.47 and a 200 day moving average price of $27.77.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the prior year, the business posted ($0.64) earnings per share. As a group, equities research analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Institutional Investors Weigh In On Immunovant

Several large investors have recently bought and sold shares of the stock. RTW Investments LP acquired a new stake in Immunovant in the 4th quarter valued at about $80,781,000. Morgan Stanley boosted its stake in shares of Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares during the period. Jennison Associates LLC grew its position in shares of Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after buying an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC grew its position in shares of Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after buying an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP increased its stake in shares of Immunovant by 400.0% during the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock worth $34,952,000 after buying an additional 1,100,000 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Citigroup reissued a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. HC Wainwright increased their price target on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Truist Financial raised their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. The Goldman Sachs Group lifted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Guggenheim upped their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $37.33.

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.