Insider Selling: Immunovant (NASDAQ:IMVT) CEO Sells 3,092 Shares

Immunovant, Inc. (NASDAQ:IMVT) CEO Eric Venker sold 3,092 shares of the firm’s stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total transaction of $118,980.16. Following the transaction, the chief executive officer owned 254,280 shares of the company’s stock, valued at $9,784,694.40. This trade represents a 1.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Down 0.5%

Shares of IMVT stock traded down $0.19 during trading hours on Monday, hitting $38.60. The company’s stock had a trading volume of 1,066,377 shares, compared to its average volume of 1,657,636. The business has a fifty day moving average of $32.46 and a 200-day moving average of $28.29. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $39.28. The stock has a market cap of $7.92 billion, a price-to-earnings ratio of -13.88 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the previous year, the firm earned ($0.64) earnings per share. On average, equities analysts expect that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently added to or reduced their stakes in IMVT. Geneos Wealth Management Inc. purchased a new stake in shares of Immunovant during the 4th quarter worth about $25,000. Strs Ohio purchased a new stake in Immunovant during the first quarter worth approximately $27,000. PNC Financial Services Group Inc. grew its stake in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares during the period. Quarry LP increased its position in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its position in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock worth $98,000 after acquiring an additional 4,273 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Guggenheim lifted their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. The Goldman Sachs Group increased 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. Bank of America lifted their price objective on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, HC Wainwright increased their target price on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $39.70.

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.