Immunovant (NASDAQ:IMVT) Stock: Insider Jay Stout Sells 2,595 Shares

Immunovant, Inc. (NASDAQ:IMVT) CTO Jay Stout sold 2,595 shares of the firm’s stock in a transaction that occurred on Wednesday, October 21st. The stock was sold at an average price of $28.94, for a total transaction of $75,099.30. Following the completion of the transaction, the chief technology officer directly owned 198,937 shares of the company’s stock, valued at $5,757,236.78. This represents a 1.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

NASDAQ IMVT traded down $0.69 on Friday, hitting $28.41. 641,348 shares of the stock were exchanged, compared to its average volume of 1,511,706. The company’s 50-day moving average price is $36.25 and its two-hundred day moving average price is $34.74. Immunovant, Inc. has a 52-week low of $18.74 and a 52-week high of $45.42. The company has a market capitalization of $5.87 billion, a price-to-earnings ratio of -10.07 and a beta of 0.84.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the firm earned ($0.71) EPS. Equities analysts predict that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of Immunovant in the second quarter worth $276,680,000. Two Seas Capital LP raised its holdings in shares of Immunovant by 46.5% during the third quarter. Two Seas Capital LP now owns 4,612,692 shares of the company’s stock worth $155,817,000 after acquiring an additional 1,464,187 shares in the last quarter. Jennison Associates LLC boosted its position in Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after purchasing an additional 2,496,241 shares during the last quarter. ADAR1 Capital Management LLC boosted its position in Immunovant by 8.0% during the first quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock valued at $66,547,000 after purchasing an additional 198,042 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in Immunovant during the second quarter valued at $45,521,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Citigroup reissued a “positive” rating on shares of Immunovant in a research note on Thursday, September 24th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research note on Tuesday, August 25th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Friday, October 2nd. JPMorgan Chase & Co. increased their price target on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. Finally, HC Wainwright reissued a “buy” rating on shares of Immunovant in a research report on Thursday, September 24th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

About Immunovant

Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.

Immunovant’s lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.