Andrew J. Fromkin Sells 8,000 Shares of Immunovant, Inc. (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Andrew J. Fromkin sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the transaction, the director now owns 91,913 shares in the company, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Immunovant Stock Down 3.4 %

IMVT stock traded down $0.69 on Tuesday, reaching $19.61. 947,898 shares of the company’s stock were exchanged, compared to its average volume of 1,229,611. The stock has a fifty day moving average of $21.77 and a 200-day moving average of $26.40. The firm has a market cap of $3.33 billion, a PE ratio of -7.48 and a beta of 0.68. Immunovant, Inc. has a twelve month low of $17.65 and a twelve month high of $35.97.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). On average, equities research analysts predict that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC lifted its position in shares of Immunovant by 19.6% during the 3rd quarter. FMR LLC now owns 12,537,571 shares of the company’s stock valued at $357,446,000 after acquiring an additional 2,053,688 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in Immunovant by 53.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company’s stock worth $126,754,000 after purchasing an additional 1,786,217 shares during the last quarter. Deep Track Capital LP boosted its position in Immunovant by 38.0% during the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company’s stock worth $148,620,000 after purchasing an additional 1,652,536 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Immunovant by 405.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company’s stock valued at $28,568,000 after purchasing an additional 925,081 shares during the last quarter. Finally, Two Seas Capital LP grew its holdings in Immunovant by 123.4% in the fourth quarter. Two Seas Capital LP now owns 1,511,614 shares of the company’s stock valued at $37,443,000 after purchasing an additional 835,000 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IMVT has been the subject of several research analyst reports. Bank of America decreased their price objective on Immunovant from $48.00 to $45.00 and set a “buy” rating for the company in a report on Wednesday, January 15th. Wolfe Research cut shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Jefferies Financial Group began coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a “hold” rating and a $20.00 price objective on the stock. Wells Fargo & Company decreased their target price on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, December 19th. Finally, HC Wainwright reissued a “buy” rating and set a $51.00 price target on shares of Immunovant in a report on Friday, February 7th. One investment analyst has rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and an average price target of $43.55.

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.