Insider Selling: Immunovant (NASDAQ:IMVT) Director Sells 15,000 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Douglas Hughes sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the sale, the director owned 120,773 shares of the company’s stock, valued at approximately $2,806,764.52. This trade represents a 11.05% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Immunovant Price Performance

IMVT traded up $0.69 during trading on Wednesday, hitting $22.71. 1,042,483 shares of the stock traded hands, compared to its average volume of 1,538,936. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $29.49. The company has a market cap of $3.98 billion, a price-to-earnings ratio of -8.00 and a beta of 0.56. The business has a 50 day moving average price of $20.50 and a 200 day moving average price of $17.55.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, November 10th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same period in the previous year, the company earned ($0.74) EPS. On average, equities research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analyst Ratings Changes

IMVT has been the topic of a number of research reports. Truist Financial started coverage on Immunovant in a research report on Tuesday, October 14th. They set a “hold” rating and a $16.00 target price on the stock. Bank of America dropped their target price on shares of Immunovant from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. JPMorgan Chase & Co. reduced their target price on shares of Immunovant from $37.00 to $33.00 and set an “overweight” rating for the company in a research report on Tuesday, September 30th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $35.00 price objective on shares of Immunovant in a report on Thursday, September 4th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $28.78.

Institutional Investors Weigh In On Immunovant

Large investors have recently modified their holdings of the stock. Arizona State Retirement System lifted its position in Immunovant by 2.2% during the third quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock valued at $326,000 after buying an additional 430 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Immunovant by 11.4% during the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,603 shares of the company’s stock valued at $106,000 after buying an additional 675 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares in the last quarter. Ameritas Investment Partners Inc. raised its position in Immunovant by 14.9% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock worth $112,000 after buying an additional 904 shares during the last quarter. Finally, Strs Ohio purchased a new position in shares of Immunovant during the first quarter valued at approximately $27,000. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.