Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) CEO Sells 16,692 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the sale, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Peter Salzmann also recently made the following trade(s):

• On Wednesday, November 20th, Peter Salzmann sold 16,692 shares of Immunovant stock. The stock was sold at an average price of $25.45, for a total value of $424,811.40.
• On Wednesday, October 16th, Peter Salzmann sold 9,095 shares of Immunovant stock. The stock was sold at an average price of $28.79, for a total transaction of $261,845.05.
• On Wednesday, October 9th, Peter Salzmann sold 4,460 shares of Immunovant stock. The shares were sold at an average price of $29.56, for a total value of $131,837.60.

Immunovant Stock Up 1.2 %

NASDAQ IMVT traded up $0.33 during trading on Friday, reaching $26.87. 506,147 shares of the stock traded hands, compared to its average volume of 1,078,173. The stock’s 50-day moving average price is $29.14 and its 200 day moving average price is $28.93. The firm has a market cap of $3.94 billion, a price-to-earnings ratio of -11.95 and a beta of 0.66. Immunovant, Inc. has a fifty-two week low of $24.61 and a fifty-two week high of $45.58.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same period in the prior year, the company posted ($0.45) earnings per share. Analysts anticipate that Immunovant, Inc. will post -2.7 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on IMVT shares. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Oppenheimer increased their price objective on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a report on Wednesday, October 9th. UBS Group lowered their price target on Immunovant from $42.00 to $41.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Monday, September 9th. Eleven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $48.10.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in IMVT. FMR LLC increased its stake in shares of Immunovant by 19.6% during the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after purchasing an additional 2,053,688 shares during the period. Armistice Capital LLC lifted its holdings in shares of Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after acquiring an additional 1,232,909 shares during the period. Baker BROS. Advisors LP increased its stake in shares of Immunovant by 163.7% in the 3rd quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after purchasing an additional 760,692 shares during the last quarter. Vanguard Group Inc. raised its stake in Immunovant by 11.2% during the first quarter. Vanguard Group Inc. now owns 6,478,304 shares of the company’s stock worth $209,314,000 after acquiring an additional 650,506 shares in the last quarter. Finally, Alpine Global Management LLC boosted its stake in shares of Immunovant by 34.6% in the 1st quarter. Alpine Global Management LLC now owns 1,882,704 shares of the company’s stock valued at $60,830,000 after purchasing an additional 484,332 shares in the last quarter. 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.