Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) CTO Sells 7,239 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay S. Stout sold 7,239 shares of the business’s stock in a transaction dated Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total transaction of $209,207.10. Following the transaction, the chief technology officer now owns 147,739 shares in the company, valued at $4,269,657.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Immunovant Trading Down 2.1 %

NASDAQ:IMVT traded down $0.58 during mid-day trading on Friday, reaching $27.17. 1,411,695 shares of the stock were exchanged, compared to its average volume of 1,224,262. The business has a fifty day moving average price of $32.30 and a 200 day moving average price of $35.86. Immunovant, Inc. has a 1-year low of $15.90 and a 1-year high of $45.58. The firm has a market capitalization of $3.95 billion, a PE ratio of -14.77 and a beta of 0.65.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Monday, February 12th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.43) by $0.07. On average, sell-side analysts forecast that Immunovant, Inc. will post -1.7 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IMVT. The Goldman Sachs Group assumed coverage on shares of Immunovant in a research note on Wednesday, March 13th. They issued a “buy” rating and a $50.00 price objective on the stock. Oppenheimer began coverage on Immunovant in a report on Thursday, March 28th. They set an “outperform” rating and a $50.00 price objective for the company. Truist Financial reiterated a “buy” rating and issued a $48.00 target price on shares of Immunovant in a report on Monday, March 25th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Friday, January 12th. Finally, JPMorgan Chase & Co. started coverage on shares of Immunovant in a research report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 target price for the company. Seventeen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $48.00.

Institutional Trading of Immunovant

Several hedge funds and other institutional investors have recently modified their holdings of the business. Headlands Technologies LLC acquired a new position in Immunovant in the 4th quarter valued at approximately $27,000. Assetmark Inc. acquired a new stake in Immunovant during the fourth quarter valued at $61,000. Barclays PLC grew its stake in Immunovant by 2,558.1% in the second quarter. Barclays PLC now owns 2,286 shares of the company’s stock valued at $43,000 after purchasing an additional 2,200 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its position in Immunovant by 96.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 3,360 shares of the company’s stock worth $129,000 after purchasing an additional 1,651 shares during the last quarter. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Immunovant during the 4th quarter worth about $212,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

About Immunovant

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.