Immunovant, Inc. (NASDAQ:IMVT) Insider Sells $56,786.89 in Stock

Immunovant, Inc. (NASDAQ:IMVT) insider William L. Macias sold 2,383 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $23.83, for a total transaction of $56,786.89. Following the completion of the transaction, the insider now directly owns 359,408 shares of the company’s stock, valued at approximately $8,564,692.64. The trade was a 0.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website.

Immunovant Stock Performance

NASDAQ:IMVT traded up $0.06 during mid-day trading on Friday, hitting $23.86. The stock had a trading volume of 1,032,612 shares, compared to its average volume of 1,051,056. Immunovant, Inc. has a twelve month low of $22.41 and a twelve month high of $41.38. The stock has a market cap of $3.50 billion, a price-to-earnings ratio of -10.75 and a beta of 0.66. The company’s 50 day simple moving average is $26.53 and its 200 day simple moving average is $28.50.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the business earned ($0.45) earnings per share. As a group, equities analysts forecast that Immunovant, Inc. will post -2.75 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on IMVT. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Oppenheimer boosted their price objective on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 9th. Raymond James restated an “outperform” rating and set a $36.00 target price on shares of Immunovant in a report on Thursday, October 10th. Wells Fargo & Company lowered their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research note on Thursday, December 19th. Finally, Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, Immunovant currently has an average rating of “Moderate Buy” and an average target price of $47.00.

Institutional Investors Weigh In On Immunovant

Several hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers raised its position in shares of Immunovant by 9.7% in the second quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock valued at $2,205,000 after purchasing an additional 7,363 shares during the period. Renaissance Technologies LLC lifted its position in Immunovant by 14.2% during the second quarter. Renaissance Technologies LLC now owns 388,100 shares of the company’s stock worth $10,246,000 after acquiring an additional 48,400 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in shares of Immunovant during the second quarter worth approximately $5,275,000. Ensign Peak Advisors Inc increased its stake in shares of Immunovant by 22.2% during the second quarter. Ensign Peak Advisors Inc now owns 204,221 shares of the company’s stock worth $5,391,000 after purchasing an additional 37,165 shares during the period. Finally, Rubric Capital Management LP acquired a new stake in Immunovant during the 2nd quarter worth approximately $1,548,000. Institutional investors and hedge funds 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.