Douglas Hughes Sells 15,000 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant directors Douglas Hughes and Andrew Fromkin sold shares, reducing their positions by 11.05% and 20.58%, respectively. Hughes sold 15,000 shares for $348,600, while Fromkin sold 22,249 shares for $517,289. The stock rose 3.1% to $22.71, with a market cap of $3.98 billion. Analysts rate the stock as "Moderate Buy" with a target of $28.78.

Key Points

Director Andrew Fromkin sold 22,249 shares on Dec. 1 at an average price of $23.25 for proceeds of $517,289.25, reducing his position by 20.58% to 85,852 shares (≈$1.996M).
IMVT stock opened at $22.71 and was trading up about 3.1%; the company has a market cap of roughly $3.98 billion and a 1‑year range of $12.72–$29.49.
Immunovant reported ($0.73) EPS for the quarter, missing estimates by $0.01, and analysts hold a consensus rating of “Moderate Buy” with an average target of $28.78.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) Director Douglas Hughes sold 15,000 shares of the business's stock in a transaction that occurred on Monday, December 1st. The shares were sold at an average price of $23.24, for a total value of $348,600.00. Following the completion of the sale, the director directly owned 120,773 shares in the company, valued at approximately $2,806,764.52. The trade was a 11.05% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Immunovant Stock Up 3.1%

Immunovant stock opened at $22.71 on Thursday. The firm has a market cap of $3.98 billion, a PE ratio of -8.00 and a beta of 0.56. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $29.49. The company's 50 day moving average is $20.65 and its two-hundred day moving average is $17.59.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing analysts' consensus estimates of ($0.72) by ($0.01). During the same quarter last year, the firm posted ($0.74) earnings per share. On average, equities research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Truist Financial assumed coverage on Immunovant in a research report on Tuesday, October 14th. They issued a "hold" rating and a $16.00 price objective for the company. Bank of America dropped their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Citigroup restated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $37.00 to $33.00 and set an "overweight" rating on the stock in a research note on Tuesday, September 30th. Finally, HC Wainwright reissued a "buy" rating and issued a $35.00 price target on shares of Immunovant in a research note on Thursday, September 4th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $28.78.

Check Out Our Latest Stock Report on IMVT

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMVT. Strs Ohio bought a new stake in shares of Immunovant during the first quarter valued at about $27,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Immunovant during the third quarter worth $33,000. BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Immunovant during the first quarter valued at about $37,000. Farther Finance Advisors LLC raised its stake in Immunovant by 142,750.0% during the 2nd quarter. Farther Finance Advisors LLC now owns 2,857 shares of the company's stock valued at $46,000 after purchasing an additional 2,855 shares during the period. Finally, PNC Financial Services Group Inc. raised its position in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock valued at $46,000 after buying an additional 1,646 shares during the period. Institutional investors and hedge funds own 47.08% of the company's stock.

About Immunovant

(Get Free Report)

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.