Andrew Fromkin Sells 221,951 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Andrew Fromkin sold 221,951 shares of the company’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $33.51, for a total value of $7,437,578.01. Following the sale, the director owned 74,382 shares in the company, valued at approximately $2,492,540.82. This trade represents a 74.90% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Immunovant Stock Performance

NASDAQ:IMVT opened at $33.30 on Friday. The stock has a 50-day simple moving average of $27.72 and a 200-day simple moving average of $26.25. The stock has a market cap of $6.84 billion, a P/E ratio of -11.98 and a beta of 0.70. Immunovant, Inc. has a 1 year low of $14.09 and a 1 year high of $36.28.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data 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 period last year, the business earned ($0.64) earnings per share. On average, equities research analysts predict that Immunovant, Inc. will post -2.62 EPS for the current year.

Analysts Set New Price Targets

IMVT has been the subject of several analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Citigroup reaffirmed a “buy” rating on shares of Immunovant in a research report on Thursday, May 21st. Sanford C. Bernstein initiated coverage on Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 price objective for the company. HC Wainwright upped their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Finally, Bank of America upped their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.33.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after buying an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. grew its stake 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 buying an additional 329,354 shares during the last quarter. Strs Ohio purchased a new position in Immunovant during the 1st quarter worth approximately $27,000. Legal & General Group Plc grew its stake in Immunovant by 6.9% during the 2nd quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after buying an additional 5,010 shares during the last quarter. Finally, Invesco Ltd. grew its stake in Immunovant by 20.7% during the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after buying an additional 11,438 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

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.