Key Points
- Immunovant CTO Jay Stout sold 2,595 shares for approximately $75,099 at an average price of $28.94. The filing stated the sale covered tax-withholding obligations tied to vested equity awards, reducing his position by 1.29%.
- Immunovant shares opened at $28.41, down 2.4%, with a market capitalization of about $5.87 billion. The company reported a quarterly loss of $0.75 per share, missing the consensus estimate of a $0.63 loss.
- Institutional ownership stands at 47.08%, with several funds increasing their stakes. Analysts maintain a “Moderate Buy” consensus rating and an average price target of $44, versus the reported share price near $28.
Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) CTO Jay Stout sold 2,595 shares of the stock in a transaction dated Wednesday, October 21st. The shares were sold at an average price of $28.94, for a total transaction of $75,099.30. Following the completion of the sale, the chief technology officer owned 198,937 shares of the company's stock, valued at approximately $5,757,236.78. This trade represents a 1.29% decrease in their position. The transaction was disclosed in a legal 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.
Immunovant Stock Down 2.4%
Immunovant stock opened at $28.41 on Friday. Immunovant, Inc. has a 52 week low of $18.74 and a 52 week high of $45.42. The company's 50 day moving average price is $35.98 and its two-hundred day moving average price is $34.70. The stock has a market cap of $5.87 billion, a P/E ratio of -10.07 and a beta of 0.84.
Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analysts' expectations of $7.09 million. During the same quarter in the previous year, the firm earned ($0.71) EPS. On average, equities analysts anticipate that Immunovant, Inc. will post -2.96 EPS for the current year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sterling Capital Management LLC grew its position in shares of Immunovant by 856.0% during the 3rd quarter. Sterling Capital Management LLC now owns 2,868 shares of the company's stock valued at $97,000 after acquiring an additional 2,568 shares during the period. Inspire Investing LLC purchased a new stake in shares of Immunovant during the 3rd quarter worth approximately $413,000. GAMMA Investing LLC raised its holdings in shares of Immunovant by 63.6% in the 3rd quarter. GAMMA Investing LLC now owns 1,224 shares of the company's stock worth $41,000 after purchasing an additional 476 shares during the period. Two Seas Capital LP raised its holdings in shares of Immunovant by 46.5% in the 3rd quarter. Two Seas Capital LP now owns 4,612,692 shares of the company's stock worth $155,817,000 after purchasing an additional 1,464,187 shares during the period. Finally, Engineers Gate Manager LP raised its holdings in shares of Immunovant by 179.7% in 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 period. 47.08% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have weighed in on the company. HC Wainwright reissued a "buy" rating on shares of Immunovant in a research report on Thursday, September 24th. Citigroup restated a "positive" rating on shares of Immunovant in a research note on Thursday, September 24th. UBS Group reaffirmed a "buy" rating on shares of Immunovant in a research report on Wednesday, September 23rd. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a research note on Wednesday, July 29th. Finally, JPMorgan Chase & Co. boosted 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. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.
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About Immunovant
(
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Immunovant, Inc (NASDAQ: IMVT) is a clinical-stage biopharmaceutical company developing medicines for autoimmune diseases. The company focuses on conditions in which disease-causing immunoglobulin G (IgG) antibodies contribute to tissue damage and other symptoms.
Immunovant's lead product candidate is batoclimab, also known as IMVT-1401, a fully human monoclonal antibody designed to inhibit the neonatal Fc receptor (FcRn). By reducing the circulation of pathogenic IgG antibodies, batoclimab is being evaluated as a potential treatment for autoimmune disorders, including generalized myasthenia gravis, thyroid eye disease and chronic inflammatory demyelinating polyneuropathy.
Further Reading
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