Immunovant (NASDAQ:IMVT) CFO Tiago Girao Sells 10,000 Shares

Immunovant, Inc. (NASDAQ:IMVT) CFO Tiago Girao sold 10,000 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.46, for a total transaction of $384,600.00. Following the sale, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at $9,522,542.16. The trade was a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Tiago Girao also recently made the following trade(s):

• On Thursday, April 23rd, Tiago Girao sold 25,760 shares of Immunovant stock. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20.

Immunovant Trading Up 1.6%

Immunovant stock opened at $38.85 on Friday. The firm has a 50-day moving average of $31.47 and a 200-day moving average of $27.77. The firm has a market cap of $7.98 billion, a P/E ratio of -13.97 and a beta of 0.76. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $39.28.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the prior year, the firm posted ($0.64) earnings per share. Research analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Immunovant

Several large investors have recently made changes to their positions in IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Immunovant by 8.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after purchasing an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after buying an additional 329,354 shares in the last quarter. Strs Ohio purchased a new position in Immunovant during the first quarter valued at $27,000. Legal & General Group Plc boosted its holdings in Immunovant by 6.9% in the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after acquiring an additional 5,010 shares in the last quarter. Finally, Invesco Ltd. boosted its holdings in Immunovant by 20.7% in the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after acquiring an additional 11,438 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IMVT. HC Wainwright upped their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Bank of America lifted their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Citigroup restated a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. Finally, Sanford C. Bernstein initiated coverage on shares of Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, Immunovant currently has an average rating of “Hold” and a consensus target price of $37.33.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.