Melanie Gloria Sells 2,036 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 2,036 shares of the stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $80,523.80. Following the completion of the transaction, the chief operating officer directly owned 222,357 shares of the company’s stock, valued at approximately $8,794,219.35. This trade represents a 0.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed 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 value of $678,623.34.

Immunovant Stock Performance

IMVT stock traded down $1.38 during midday trading on Friday, hitting $39.71. 1,095,103 shares of the stock were exchanged, compared to its average volume of 1,545,434. The stock’s 50-day moving average price is $33.66 and its 200-day moving average price is $28.75. The stock has a market cap of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76. Immunovant, Inc. has a fifty-two week low of $14.32 and a fifty-two week high of $41.23.

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

Wall Street Analysts Forecast Growth

Several research firms have weighed in on IMVT. Citigroup raised their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a report on Tuesday, June 30th. HC Wainwright increased their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Guggenheim lifted their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, May 26th. The Goldman Sachs Group increased their target price on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Truist Financial raised their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Immunovant presently has an average rating of “Hold” and an average target price of $39.70.

Hedge Funds Weigh In On Immunovant

Institutional investors and hedge funds have recently modified their holdings of the company. Handelsbanken Fonder AB boosted its position in Immunovant by 6.8% during the second quarter. Handelsbanken Fonder AB now owns 34,500 shares of the company’s stock worth $1,329,000 after acquiring an additional 2,200 shares during the last quarter. Hennion & Walsh Asset Management Inc. raised its holdings in Immunovant by 32.6% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 120,686 shares of the company’s stock valued at $4,650,000 after acquiring an additional 29,677 shares during the last quarter. Bank of America Corp DE lifted its stake in shares of Immunovant by 185.1% during the 1st quarter. Bank of America Corp DE now owns 893,678 shares of the company’s stock worth $22,199,000 after purchasing an additional 580,197 shares during the period. ADAR1 Capital Management LLC boosted its holdings in shares of Immunovant by 8.0% during the first quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock worth $66,547,000 after purchasing an additional 198,042 shares during the last quarter. Finally, California State Teachers Retirement System grew its position in shares of Immunovant by 9.7% in the first quarter. California State Teachers Retirement System now owns 94,286 shares of the company’s stock valued at $2,342,000 after purchasing an additional 8,334 shares during the period. 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.