Insider Selling: Immunovant (NASDAQ:IMVT) Director Sells $57,015.00 in Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.01, for a total transaction of $57,015.00. Following the completion of the sale, the director directly owned 116,731 shares in the company, valued at approximately $4,436,945.31. This represents a 1.27% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Atul Pande also recently made the following trade(s):

• On Wednesday, May 20th, Atul Pande sold 6,000 shares of Immunovant stock. The stock was sold at an average price of $32.00, for a total value of $192,000.00.

Immunovant Stock Up 1.6%

IMVT traded up $0.61 during midday trading on Friday, hitting $38.85. 3,718,031 shares of the company were exchanged, compared to its average volume of 1,598,367. The firm has a market capitalization 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. The firm’s 50 day moving average price is $31.24 and its 200-day moving average price is $27.69.

Immunovant (NASDAQ:IMVT) last released its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the business earned ($0.64) EPS. On average, sell-side analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have issued reports on IMVT. Bank of America increased their price target on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. 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. Citigroup reiterated a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. HC Wainwright raised their price target on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Finally, Guggenheim raised their price target on shares of Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Six investment 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 MarketBeat.com, Immunovant presently has a consensus rating of “Hold” and a consensus target price of $37.33.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. acquired a new position in Immunovant during the fourth quarter worth $25,000. Strs Ohio bought a new stake in shares of Immunovant during the first quarter worth about $27,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Immunovant in the 3rd quarter worth about $33,000. PNC Financial Services Group Inc. lifted its position in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares in the last quarter. Finally, Quarry LP lifted its position in Immunovant by 94.9% in the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after acquiring an additional 1,461 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

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.