Immunovant (NASDAQ:IMVT) Insider Tuyl Christopher Van Sells 1,206 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Tuyl Christopher Van sold 1,206 shares of the firm’s stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $47,697.30. Following the transaction, the insider owned 179,391 shares of the company’s stock, valued at $7,094,914.05. This trade represents a 0.67% 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.

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

• On Friday, June 26th, Tuyl Christopher Van sold 17,824 shares of Immunovant stock. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44.

Immunovant Trading Down 3.4%

Shares of IMVT stock traded down $1.38 during trading hours on Friday, hitting $39.71. The company’s stock had a trading volume of 1,095,103 shares, compared to its average volume of 1,545,434. The business has a fifty day moving average of $33.66 and a 200-day moving average of $28.75. The stock has a market cap of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $41.23.

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. HC Wainwright boosted their price target on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. The Goldman Sachs Group increased their price objective on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Citigroup lifted their price objective on Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Truist Financial boosted their target price 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. Finally, Sanford C. Bernstein began coverage on shares of Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $39.70.

Institutional Trading of Immunovant

A number of hedge funds have recently bought and sold shares of the company. Granahan Investment Management LLC raised its holdings in Immunovant by 24.9% in the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after acquiring an additional 53,133 shares during the last quarter. Alpine Global Management LLC boosted its holdings in shares of Immunovant by 4.9% during the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after purchasing an additional 128,039 shares during the last quarter. Aberdeen Group plc boosted its holdings in shares of Immunovant by 20.6% during the fourth quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock worth $30,100,000 after purchasing an additional 202,318 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Immunovant in the fourth quarter valued at $1,823,000. Finally, Jennison Associates LLC purchased a new stake in shares of Immunovant in the fourth quarter valued at $17,806,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.