Immunovant, Inc. (NASDAQ:IMVT) Insider Michael Geffner Sells 2,657 Shares

Immunovant, Inc. (NASDAQ:IMVT) insider Michael Geffner sold 2,657 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $62,678.63. Following the completion of the transaction, the insider now directly owns 132,314 shares in the company, valued at approximately $3,121,287.26. The trade was a 1.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Immunovant Stock Down 1.5 %

NASDAQ IMVT opened at $23.05 on Friday. The business has a 50 day moving average price of $25.93 and a 200 day moving average price of $28.39. Immunovant, Inc. has a 1-year low of $22.41 and a 1-year high of $39.55.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter last year, the firm posted ($0.45) earnings per share. On average, analysts predict that Immunovant, Inc. will post -2.75 EPS for the current year.

Analysts Set New Price Targets

Several brokerages have issued reports on IMVT. Oppenheimer boosted their price objective on shares of Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research note on Wednesday, October 9th. Bank of America cut their price target 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 cut their target price on Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. HC Wainwright restated a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. Finally, Wolfe Research cut Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $47.00.

Hedge Funds Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. grew its position in shares of Immunovant by 7.4% in the third quarter. Victory Capital Management Inc. now owns 335,360 shares of the company’s stock valued at $9,561,000 after purchasing an additional 22,990 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Immunovant by 19.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 552,430 shares of the company’s stock worth $15,750,000 after buying an additional 91,259 shares in the last quarter. Principal Financial Group Inc. increased its position in Immunovant by 69.9% during the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock worth $27,117,000 after buying an additional 391,436 shares in the last quarter. State Street Corp raised its holdings in shares of Immunovant by 11.2% in the third quarter. State Street Corp now owns 3,022,342 shares of the company’s stock worth $86,167,000 after acquiring an additional 303,386 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Immunovant by 6.9% in the third 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. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Company Profile

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.