Immunovant (NASDAQ:IMVT) CTO Jay Stout Sells 1,977 Shares

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 1,977 shares of the business’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total transaction of $51,461.31. Following the sale, the chief technology officer directly owned 197,634 shares in the company, valued at $5,144,413.02. The trade was a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Immunovant Stock Performance

IMVT stock opened at $26.01 on Friday. The company has a market capitalization of $4.56 billion, a P/E ratio of -9.16 and a beta of 0.57. The company has a fifty day moving average price of $25.12 and a 200-day moving average price of $20.18. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $27.80.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.72) by ($0.01). During the same period in the prior year, the company earned ($0.74) EPS. As a group, sell-side analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Aberdeen Group plc increased its stake in Immunovant by 20.6% in the fourth quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock valued at $30,100,000 after purchasing an additional 202,318 shares in the last quarter. FNY Investment Advisers LLC grew its stake in shares of Immunovant by 100.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $101,000 after buying an additional 2,000 shares during the period. Banque Pictet & Cie SA grew its stake in shares of Immunovant by 0.9% in the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after buying an additional 993 shares during the period. Hennion & Walsh Asset Management Inc. bought a new stake in Immunovant in the 4th quarter valued at about $1,823,000. Finally, Alpine Global Management LLC increased its position in Immunovant by 4.9% in the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after buying an additional 128,039 shares in the last quarter. 47.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IMVT. Truist Financial lifted their price objective on Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a research note on Thursday, January 8th. JPMorgan Chase & Co. dropped their price target on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research report on Tuesday, September 30th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research note on Friday, January 9th. Guggenheim reiterated a “buy” rating and set a $41.00 price objective on shares of Immunovant in a research report on Thursday, December 18th. Finally, Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $30.78.

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.