Immunovant (NASDAQ:IMVT) Director Sells $7,437,578.01 in Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Andrew Fromkin sold 221,951 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were sold at an average price of $33.51, for a total value of $7,437,578.01. Following the completion of the transaction, the director owned 74,382 shares of the company’s stock, valued at $2,492,540.82. The trade was a 74.90% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Immunovant Price Performance

Shares of NASDAQ IMVT traded down $0.20 during trading hours on Friday, reaching $33.30. The stock had a trading volume of 1,684,489 shares, compared to its average volume of 1,658,691. The business’s fifty day moving average is $27.53 and its two-hundred day moving average is $26.20. The company has a market cap of $6.84 billion, a price-to-earnings ratio of -11.98 and a beta of 0.70. Immunovant, Inc. has a twelve month low of $14.09 and a twelve month high of $36.28.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the business posted ($0.64) earnings per share. Sell-side analysts forecast that Immunovant, Inc. will post -2.62 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

IMVT has been the subject of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Bank of America increased their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. The Goldman Sachs Group increased their price objective on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Citigroup reiterated a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. Finally, Truist Financial increased their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Immunovant currently has a consensus rating of “Hold” and an average price target of $37.33.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Immunovant by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after purchasing an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock worth $17,222,000 after purchasing an additional 329,354 shares during the last quarter. Strs Ohio bought a new stake in shares of Immunovant during the first quarter worth $27,000. Legal & General Group Plc grew its holdings in shares of Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after purchasing an additional 5,010 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Immunovant by 20.7% during the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after purchasing an additional 11,438 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.