Key Points
- Immunovant director Andrew Fromkin sold 221,951 shares on May 28 at an average price of $33.51, totaling about $7.44 million. After the sale, he still held 74,382 shares, a 74.9% reduction in ownership.
- The stock opened at $33.30 and has traded between a 52-week low of $14.09 and a high of $36.28. Immunovant currently has a market cap of about $6.84 billion.
- Immunovant recently reported a quarterly loss of $0.73 per share, missing analyst expectations of a $0.60 loss. Despite that, Wall Street remains mixed-to-constructive, with six Buy ratings and a consensus Hold rating.
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) Director Andrew Fromkin sold 221,951 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the transaction, the director owned 74,382 shares of the company's stock, valued at approximately $2,492,540.82. The trade was a 74.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.
Immunovant Price Performance
IMVT opened at $33.30 on Friday. Immunovant, Inc. has a 1-year low of $14.09 and a 1-year high of $36.28. The company has a 50 day simple moving average of $27.72 and a two-hundred day simple moving average of $26.25. The firm has a market cap of $6.84 billion, a P/E ratio of -11.98 and a beta of 0.70.
Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the firm earned ($0.64) EPS. Equities analysts anticipate that Immunovant, Inc. will post -2.62 earnings per share for the current year.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a report on Wednesday, April 8th. HC Wainwright boosted their target price on shares of Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Bank of America boosted their target price on shares of Immunovant from $32.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Guggenheim boosted their target price on shares of Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday. Finally, Citigroup reissued a "buy" rating on shares of Immunovant in a report on Thursday, May 21st. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $37.33.
View Our Latest Stock Analysis on Immunovant
Institutional Investors Weigh In On Immunovant
A number of hedge funds have recently bought and sold shares of IMVT. Empowered Funds LLC increased its stake in Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company's stock worth $362,000 after buying an additional 381 shares during the period. Arizona State Retirement System boosted its position in Immunovant by 2.2% in the 3rd quarter. Arizona State Retirement System now owns 20,234 shares of the company's stock valued at $326,000 after buying an additional 430 shares during the period. Wellington Management Group LLP boosted its position in Immunovant by 2.7% in the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company's stock valued at $733,000 after buying an additional 755 shares during the period. Royal Bank of Canada grew its stake in Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company's stock worth $116,000 after acquiring an additional 780 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company's stock worth $578,000 after acquiring an additional 900 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.
Immunovant Company Profile
(
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
