Key Points
- Insider sale: Christopher Van Tuyl sold 1,327 Immunovant shares for $42,543.62 to cover tax withholding related to vested equity awards, reducing his ownership by 0.75% to 175,218 shares.
- Financial performance: Immunovant reported a quarterly loss of $0.75 per share, missing the consensus estimate of a $0.63 loss, while revenue matched expectations at $7.09 million.
- Analyst outlook: The stock has a “Moderate Buy” consensus rating from analysts, with an average price target of $44, compared with a recent opening price of $30.47.
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) insider Christopher Van Tuyl sold 1,327 shares of the business's stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total value of $42,543.62. Following the sale, the insider owned 175,218 shares of the company's stock, valued at $5,617,489.08. The trade was a 0.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through 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, September 23rd, Christopher Van Tuyl sold 2,846 shares of Immunovant stock. The shares were sold at an average price of $36.36, for a total value of $103,480.56.
Immunovant Stock Performance
Shares of IMVT stock opened at $30.47 on Friday. The stock's fifty day moving average is $38.41 and its two-hundred day moving average is $34.44. The firm has a market capitalization of $6.29 billion, a P/E ratio of -10.80 and a beta of 0.84. Immunovant, Inc. has a fifty-two week low of $16.59 and a fifty-two week high of $45.42.
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 the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same quarter in the previous year, the business posted ($0.71) earnings per share. On average, equities analysts forecast that Immunovant, Inc. will post -2.96 earnings per share for the current year.
Hedge Funds Weigh In On Immunovant
A number of institutional investors have recently bought and sold shares of IMVT. BlackRock Inc. acquired a new position in Immunovant in the 2nd quarter valued at about $276,680,000. Two Seas Capital LP acquired a new stake in shares of Immunovant during the 2nd quarter worth approximately $121,312,000. Jennison Associates LLC raised its position in shares of Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company's stock valued at $79,406,000 after buying an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC purchased a new stake in shares of Immunovant during the 2nd quarter valued at approximately $89,802,000. Finally, Bank of America Corp DE acquired a new position in Immunovant in the second quarter valued at approximately $45,521,000. 47.08% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
IMVT has been the topic of a number of research reports. UBS Group reissued a "buy" rating on shares of Immunovant in a research note on Wednesday, September 23rd. JPMorgan Chase & Co. upped their price target on Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research report on Friday, October 2nd. Finally, Citigroup reissued a "positive" rating on shares of Immunovant in a research note on Thursday, September 24th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and an average price target of $44.00.
View Our Latest Research Report 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.
Further Reading
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