Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) Insider Sells 2,383 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) insider William L. Macias sold 2,383 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total value of $56,786.89. Following the transaction, the insider now directly owns 359,408 shares in the company, valued at approximately $8,564,692.64. This represents a 0.66 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Immunovant Price Performance

Shares of Immunovant stock opened at $23.86 on Monday. Immunovant, Inc. has a 52-week low of $22.41 and a 52-week high of $41.38. The firm has a market capitalization of $3.50 billion, a PE ratio of -10.75 and a beta of 0.66. The company’s fifty day moving average price is $26.39 and its two-hundred day moving average price is $28.48.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the company earned ($0.45) EPS. Analysts predict that Immunovant, Inc. will post -2.75 earnings per share for the current fiscal year.

Analysts Set New Price Targets

IMVT has been the topic of several analyst reports. Wells Fargo & Company lowered their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a report on Thursday, December 19th. Oppenheimer lifted their target price on shares of Immunovant from $47.00 to $53.00 and gave the stock an “outperform” rating in a report on Wednesday, October 9th. Raymond James restated an “outperform” rating and set a $36.00 price target on shares of Immunovant in a report on Thursday, October 10th. Bank of America dropped their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research note on Wednesday, January 15th. Finally, Wolfe Research downgraded Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Hedge Funds Weigh In On Immunovant

Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. raised its stake in Immunovant by 7.4% during the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock worth $9,561,000 after acquiring an additional 22,990 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Immunovant by 19.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after purchasing an additional 91,259 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in Immunovant by 69.9% during the 3rd quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after purchasing an additional 391,436 shares during the last quarter. Rubric Capital Management LP acquired a new position in Immunovant in the second quarter valued at about $1,548,000. Finally, State Street Corp grew its stake in Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after buying an additional 303,386 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.