Key Points
- CEO Eric Venker sold 3,506 Immunovant shares at an average price of $34.11, generating approximately $119,590. The sale covered tax-withholding obligations tied to vested equity awards, reducing his ownership by 1.35% to 257,075 shares.
- Immunovant’s stock opened at $33.25, with a market capitalization of about $6.87 billion and a 52-week trading range of $15.95 to $45.42. The company recently reported a quarterly EPS loss of $0.75, below the $0.63 analyst consensus.
- Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $44.00; 47.08% of the stock is owned by institutional investors.
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CEO Eric Venker sold 3,506 shares of the business's stock in a transaction dated Friday, October 2nd. The shares were sold at an average price of $34.11, for a total value of $119,589.66. Following the completion of the sale, the chief executive officer owned 257,075 shares in the company, valued at approximately $8,768,828.25. This trade represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.
Immunovant Price Performance
IMVT stock opened at $33.25 on Tuesday. The stock has a market capitalization of $6.87 billion, a P/E ratio of -11.79 and a beta of 0.84. Immunovant, Inc. has a fifty-two week low of $15.95 and a fifty-two week high of $45.42. The business has a 50-day moving average of $39.03 and a 200-day moving average of $34.29.
Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the previous year, the company posted ($0.71) earnings per share. Equities analysts expect that Immunovant, Inc. will post -2.96 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of IMVT. Engineers Gate Manager LP increased its position in shares of Immunovant by 179.7% during the 2nd quarter. Engineers Gate Manager LP now owns 24,220 shares of the company's stock worth $933,000 after purchasing an additional 15,560 shares during the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Immunovant in the 2nd quarter valued at approximately $2,996,000. Nykredit A S acquired a new stake in shares of Immunovant in the 2nd quarter valued at approximately $174,000. Corient Private Wealth LP grew its stake in shares of Immunovant by 1.8% in the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company's stock valued at $945,000 after buying an additional 442 shares in the last quarter. Finally, Amundi grew its stake in shares of Immunovant by 6.1% in the second quarter. Amundi now owns 70,948 shares of the company's stock valued at $2,734,000 after buying an additional 4,100 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on IMVT shares. Cantor Fitzgerald reiterated an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. UBS Group restated a "buy" rating on shares of Immunovant in a report on Wednesday, September 23rd. Citigroup reaffirmed a "positive" rating on shares of Immunovant in a research report on Thursday, September 24th. JPMorgan Chase & Co. lifted their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Finally, Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a research report on Wednesday, July 29th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.00.
Get Our Latest Stock Analysis on Immunovant
About Immunovant
(
Get Free Report)
Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company's approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.
Immunovant's lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves' disease, and has also pursued development in other antibody-mediated disorders.
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