Key Points
- Insider sale: Christopher Van Tuyl sold 2,846 Immunovant shares for approximately $103,481 to cover tax withholding tied to vested equity awards, reducing his ownership by 1.59% to 176,545 shares.
- Financial performance: Immunovant reported a quarterly loss of $0.75 per share, missing analyst expectations of a $0.63 loss, while revenue matched estimates at $7.09 million.
- Market outlook: Institutional investors own 47.08% of the stock, and analysts maintain a “Moderate Buy” consensus with an average price target of $44, above the reported opening price of $33.30.
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Christopher Van Tuyl sold 2,846 shares of the stock in a transaction dated Wednesday, September 23rd. The stock was sold at an average price of $36.36, for a total transaction of $103,480.56. Following the completion of the sale, the insider directly owned 176,545 shares in the company, valued at approximately $6,419,176.20. The trade was a 1.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Tuyl Christopher Van also recently made the following trade(s):
- On Wednesday, July 8th, Christopher Van Tuyl sold 1,206 shares of Immunovant stock. The shares were sold at an average price of $39.55, for a total transaction of $47,697.30.
Immunovant Trading Down 2.1%
Shares of NASDAQ:IMVT opened at $33.30 on Friday. The company has a 50 day moving average of $39.75 and a 200 day moving average of $33.89. The stock has a market cap of $6.88 billion, a P/E ratio of -11.81 and a beta of 0.81. Immunovant, Inc. has a 12 month low of $15.56 and a 12 month high of $45.42.
Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the previous year, the company earned ($0.71) EPS. On average, equities analysts forecast that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in Immunovant in the second quarter valued at $276,680,000. Jennison Associates LLC raised its position in Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company's stock valued at $79,406,000 after purchasing an additional 2,496,241 shares in the last quarter. Two Seas Capital LP bought a new stake in Immunovant during the second quarter worth about $121,312,000. ADAR1 Capital Management LLC lifted its stake in Immunovant by 8.0% during the first quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company's stock worth $66,547,000 after purchasing an additional 198,042 shares during the last quarter. Finally, Perceptive Advisors LLC boosted its holdings in shares of Immunovant by 25.6% in the 4th quarter. Perceptive Advisors LLC now owns 1,994,890 shares of the company's stock worth $50,710,000 after purchasing an additional 407,000 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research firms have recently weighed in on IMVT. JPMorgan Chase & Co. upped their price target on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a research note on Monday, July 6th. Cantor Fitzgerald restated an "overweight" rating on shares of Immunovant in a research note on Tuesday, August 25th. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a research note on Wednesday, July 29th. Finally, UBS Group reiterated a "buy" rating on shares of Immunovant in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $44.00.
Read Our Latest Stock Analysis on IMVT
About Immunovant
(
Get Free Report)
Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing therapies for patients with immune-mediated diseases. The company focuses on conditions in which disease-causing antibodies, or immunoglobulin G (IgG), play a central role, including autoimmune and inflammatory disorders.
Immunovant's lead product candidate is batoclimab, an investigational fully human monoclonal antibody designed to block the neonatal Fc receptor (FcRn). By inhibiting FcRn, batoclimab is intended to reduce circulating IgG antibodies that can contribute to autoimmune disease.
Further Reading
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