Insider Selling: Immunovant (NASDAQ:IMVT) COO Sells $80,523.80 in Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 2,036 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $80,523.80. Following the completion of the sale, the chief operating officer directly owned 222,357 shares of the company’s stock, valued at $8,794,219.35. The trade was a 0.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Melanie Gloria also recently made the following trade(s):

• On Friday, June 26th, Melanie Gloria sold 17,714 shares of Immunovant stock. The shares were sold at an average price of $38.31, for a total transaction of $678,623.34.

Immunovant Stock Performance

NASDAQ:IMVT opened at $39.71 on Monday. The firm’s fifty day simple moving average is $33.66 and its 200 day simple moving average is $28.76. Immunovant, Inc. has a twelve month low of $14.32 and a twelve month high of $41.23. The firm has a market capitalization of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76.

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 the consensus estimate of ($0.60) by ($0.13). During the same quarter in the previous year, the business posted ($0.64) earnings per share. On average, analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently commented on IMVT. Bank of America raised their target price on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Sanford C. Bernstein began coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target for the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Monday, July 6th. The Goldman Sachs Group lifted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Finally, HC Wainwright boosted their target price on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $39.70.

Institutional Trading of Immunovant

A number of hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after acquiring an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after purchasing an additional 329,354 shares during the last quarter. Strs Ohio purchased a new stake in Immunovant during the 1st quarter worth approximately $27,000. Legal & General Group Plc raised its position in shares of Immunovant by 6.9% in the 2nd quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock valued at $1,237,000 after purchasing an additional 5,010 shares in the last quarter. Finally, Invesco Ltd. raised its position in shares of Immunovant by 20.7% in the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock valued at $1,068,000 after purchasing an additional 11,438 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Company Profile

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.