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

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.01, for a total transaction of $57,015.00. Following the transaction, the director owned 116,731 shares in the company, valued at approximately $4,436,945.31. The trade was a 1.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 shares were sold at an average price of $32.00, for a total transaction of $192,000.00.

Immunovant Stock Performance

NASDAQ:IMVT opened at $38.85 on Monday. Immunovant, Inc. has a one year low of $14.32 and a one year high of $39.28. The firm has a market cap of $7.98 billion, a P/E ratio of -13.97 and a beta of 0.76. The firm has a 50-day simple moving average of $31.47 and a 200-day simple moving average of $27.80.

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 company posted ($0.64) EPS. On average, research analysts predict that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IMVT. Bank of America lifted their price target on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Truist Financial raised their price objective on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. The Goldman Sachs Group lifted their target price on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. Finally, Citigroup reiterated a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $37.33.

Hedge Funds Weigh In On Immunovant

A number of large investors have recently made changes to their positions in the business. RTW Investments LP acquired a new stake in shares of Immunovant in the 4th quarter worth $80,781,000. Morgan Stanley increased its position in Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock valued at $123,195,000 after buying an additional 2,887,359 shares in the last quarter. Jennison Associates LLC increased its position in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after buying an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in Immunovant by 319.0% in the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after buying an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP raised its stake in Immunovant by 400.0% in the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after buying an additional 1,100,000 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

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.