Key Points
- COO Melanie Gloria sold 8,722 shares of Immunovant on April 8 at an average price of $24.83 to cover tax withholding from vested equity, a 3.43% reduction that leaves her with 245,222 shares worth about $6.09 million.
- Shares fell about 4.5% and opened at $24.50, trading near a 50-day SMA of $25.60 and a 200-day SMA of $23.80, with a 12-month range of $13.36–$29.25 and a market cap around $4.99 billion.
- Immunovant beat EPS estimates for the last quarter (‑$0.61 vs. consensus ‑$0.72) but the consensus analyst rating is a "Hold" with an average target of $32, while major institutions and hedge funds have been materially increasing positions (47.08% institutional/hedge fund ownership).
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) COO Melanie Gloria sold 8,722 shares of Immunovant stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $216,567.26. Following the completion of the sale, the chief operating officer directly owned 245,222 shares of the company's stock, valued at approximately $6,088,862.26. The trade was a 3.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Immunovant Trading Down 4.5%
NASDAQ IMVT opened at $24.50 on Friday. The company has a fifty day simple moving average of $25.60 and a 200 day simple moving average of $23.80. Immunovant, Inc. has a 12-month low of $13.36 and a 12-month high of $29.25. The company has a market cap of $4.99 billion, a P/E ratio of -9.11 and a beta of 0.67.
Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same quarter last year, the company posted ($0.76) earnings per share. Sell-side analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.
Analyst Ratings Changes
A number of research firms have issued reports on IMVT. HC Wainwright reaffirmed a "buy" rating and set a $35.00 price objective on shares of Immunovant in a report on Tuesday, February 10th. Wolfe Research raised shares of Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 price objective on the stock in a report on Tuesday, January 6th. Truist Financial lifted their price objective on shares of Immunovant from $16.00 to $22.00 and gave the stock a "hold" rating in a report on Thursday, January 8th. Guggenheim lifted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a report on Monday, February 9th. Finally, Sanford C. Bernstein began coverage on shares of Immunovant in a report on Friday, March 20th. They set a "market perform" rating and a $28.00 price objective on the stock. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $32.00.
Check Out Our Latest Stock Analysis on Immunovant
Hedge Funds Weigh In On Immunovant
A number of hedge funds have recently bought and sold shares of IMVT. RTW Investments LP purchased a new position in Immunovant during the 4th quarter worth $80,781,000. Morgan Stanley boosted its holdings in shares of Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after buying an additional 2,887,359 shares during the last quarter. ADAR1 Capital Management LLC boosted its holdings in shares of Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock worth $36,137,000 after buying an additional 1,706,687 shares during the last quarter. Logos Global Management LP boosted its holdings in shares of Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company's stock worth $34,952,000 after buying an additional 1,100,000 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in shares of Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock worth $197,750,000 after buying an additional 952,504 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.
About Immunovant
(
Get Free Report)
Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.
The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.
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