Key Points
- Immunovant CEO Eric Venker sold 3,092 shares on July 2 at an average price of $38.48, totaling about $118,980. The sale was made to cover tax withholding obligations tied to vested equity awards.
- After the transaction, Venker still held 254,280 shares, valued at roughly $9.78 million, representing a 1.20% reduction in his ownership stake.
- The company recently reported a larger-than-expected quarterly loss of $0.73 per share, while analysts remain mixed but with an overall "Hold" consensus and an average price target of $39.70.
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CEO Eric Venker sold 3,092 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the transaction, the chief executive officer owned 254,280 shares of the company's stock, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Immunovant Price Performance
IMVT opened at $38.80 on Tuesday. The stock's 50 day moving average price is $32.46 and its 200 day moving average price is $28.29. The stock has a market cap of $7.97 billion, a P/E ratio of -13.94 and a beta of 0.76. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $39.28.
Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the company earned ($0.64) earnings per share. Equities analysts anticipate that Immunovant, Inc. will post -2.65 EPS for the current year.
Analyst Ratings Changes
IMVT has been the topic of several recent analyst reports. Guggenheim boosted their target price on Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Sanford C. Bernstein assumed coverage on Immunovant in a research note on Friday, March 20th. They set a "market perform" rating and a $28.00 target price for the company. The Goldman Sachs Group boosted their price target on shares of Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research report on Wednesday, April 15th. Citigroup raised their price objective on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Finally, 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. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $39.70.
View Our Latest Analysis on IMVT
Hedge Funds Weigh In On Immunovant
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new stake in Immunovant during the 4th quarter valued at $25,000. Strs Ohio acquired a new position in Immunovant during the first quarter valued at $27,000. PNC Financial Services Group Inc. lifted its stake in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock worth $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP boosted its position in Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after acquiring an additional 1,461 shares during the period. Finally, Tower Research Capital LLC TRC grew its stake in Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company's stock valued at $98,000 after acquiring an additional 4,273 shares in the last quarter. Institutional investors and hedge funds 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.
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