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

Immunovant, Inc. (NASDAQ:IMVT) CFO Tiago Girao sold 10,000 shares of Immunovant 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. This trade represents a 3.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 stock was sold at an average price of $29.62, for a total transaction of $763,011.20.

Immunovant Trading Up 1.6%

Shares of NASDAQ:IMVT opened at $38.85 on Friday. Immunovant, Inc. has a 1 year low of $14.32 and a 1 year high of $39.28. The business has a fifty day simple moving average of $31.47 and a 200 day simple moving average of $27.77. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of -13.97 and a beta of 0.76.

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 analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the previous year, the business earned ($0.64) earnings per share. On average, sell-side analysts forecast that Immunovant, Inc. will post -2.65 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in IMVT. Empowered Funds LLC raised its stake in shares of Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after acquiring an additional 381 shares in the last quarter. Wellington Management Group LLP boosted its position in Immunovant by 2.7% during the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after purchasing an additional 755 shares during the period. Royal Bank of Canada grew its holdings in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after purchasing an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after purchasing an additional 900 shares during the period. Finally, Banque Pictet & Cie SA raised its position in shares of Immunovant by 0.9% in the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after purchasing an additional 993 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IMVT. Guggenheim increased their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. The Goldman Sachs Group lifted their target price 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. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Sanford C. Bernstein started coverage on shares of Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 price target on the stock. Finally, Bank of America raised 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. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immunovant currently has an average rating of “Hold” and an average target price of $37.33.

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.