Immunovant (NASDAQ:IMVT) CEO Sells 3,092 Shares of Stock

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

Immunovant Trading Down 0.5%

Shares of IMVT traded down $0.19 during midday trading on Monday, reaching $38.60. 1,066,377 shares of the company were exchanged, compared to its average volume of 1,657,636. The stock has a 50-day moving average price of $32.46 and a 200-day moving average price of $28.29. The company has a market cap of $7.92 billion, a price-to-earnings ratio of -13.88 and a beta of 0.76. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $39.28.

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 last year, the business posted ($0.64) earnings per share. Equities research analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Citigroup upped their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. The Goldman Sachs Group upped their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. 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. Truist Financial increased their price target on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd. Finally, Bank of America lifted their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Six 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. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $39.70.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently bought and sold shares of the company. RTW Investments LP acquired a new stake in Immunovant during the fourth quarter valued at approximately $80,781,000. Morgan Stanley raised its position in shares of Immunovant by 147.4% during the 4th 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 in the last quarter. Jennison Associates LLC lifted its stake in 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 purchasing an additional 2,496,241 shares during the last quarter. ADAR1 Capital Management LLC boosted its holdings in Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock worth $36,137,000 after purchasing an additional 1,706,687 shares during the period. Finally, Logos Global Management LP increased its stake in Immunovant by 400.0% during the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after purchasing an additional 1,100,000 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.