Insider Selling: Immunovant, Inc. (NASDAQ:IMVT) Insider Sells 2,657 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) insider Michael Geffner sold 2,657 shares of Immunovant stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $23.59, for a total value of $62,678.63. Following the completion of the sale, the insider now owns 132,314 shares of the company’s stock, valued at approximately $3,121,287.26. The trade was a 1.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Immunovant Trading Down 1.5 %

Shares of NASDAQ IMVT traded down $0.35 during mid-day trading on Friday, reaching $23.05. 1,173,398 shares of the company’s stock were exchanged, compared to its average volume of 1,093,133. The firm has a market capitalization of $3.38 billion, a price-to-earnings ratio of -10.38 and a beta of 0.66. The business has a fifty day simple moving average of $25.93 and a 200 day simple moving average of $28.39. Immunovant, Inc. has a twelve month low of $22.41 and a twelve month high of $39.55.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter last year, the company earned ($0.45) EPS. Equities research analysts predict that Immunovant, Inc. will post -2.75 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently bought and sold shares of the company. FMR LLC lifted its position in shares of Immunovant by 19.6% in the third quarter. FMR LLC now owns 12,537,571 shares of the company’s stock worth $357,446,000 after purchasing an additional 2,053,688 shares in the last quarter. Armistice Capital LLC lifted its position in Immunovant by 57.0% during the 2nd quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock worth $89,678,000 after buying an additional 1,232,909 shares in the last quarter. State Street Corp grew its holdings in shares of Immunovant by 11.2% in the 3rd quarter. State Street Corp now owns 3,022,342 shares of the company’s stock valued at $86,167,000 after acquiring an additional 303,386 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Immunovant by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company’s stock valued at $43,085,000 after acquiring an additional 96,924 shares in the last quarter. Finally, Baker BROS. Advisors LP increased its position in shares of Immunovant by 163.7% in the third quarter. Baker BROS. Advisors LP now owns 1,225,410 shares of the company’s stock valued at $34,936,000 after acquiring an additional 760,692 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Bank of America lowered their target price on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Wells Fargo & Company reduced their price target on Immunovant from $47.00 to $45.00 and set an “overweight” rating on the stock in a research report on Thursday, December 19th. Raymond James reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a research note on Thursday, October 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research note on Friday, November 8th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $47.00.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.