Immunovant (NASDAQ:IMVT) Director Sells $64,905.00 in Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the firm’s stock in a transaction on Friday, August 28th. The stock was sold at an average price of $43.27, for a total value of $64,905.00. Following the completion of the transaction, the director owned 116,731 shares in the company, valued at $5,050,950.37. This represents a 1.27% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Atul Pande also recently made the following trade(s):

• On Friday, June 26th, Atul Pande sold 1,500 shares of Immunovant stock. The shares were sold at an average price of $38.01, for a total value of $57,015.00.

Immunovant Stock Performance

NASDAQ:IMVT opened at $41.20 on Monday. Immunovant, Inc. has a 1-year low of $14.47 and a 1-year high of $45.42. The business’s 50-day moving average price is $40.29 and its two-hundred day moving average price is $32.39. The firm has a market capitalization of $8.51 billion, a price-to-earnings ratio of -14.61 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the firm earned ($0.71) EPS. Sell-side analysts predict that Immunovant, Inc. will post -2.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Bank of America lifted their price target on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Citigroup lifted their price objective on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. JPMorgan Chase & Co. lifted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP raised its stake in Immunovant by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock worth $945,000 after purchasing an additional 442 shares in the last quarter. Amundi grew its position in shares of Immunovant by 6.1% during the 2nd quarter. Amundi now owns 70,948 shares of the company’s stock worth $2,734,000 after purchasing an additional 4,100 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Immunovant during the second quarter worth approximately $223,000. California State Teachers Retirement System raised its position in shares of Immunovant by 3,646.9% in the second quarter. California State Teachers Retirement System now owns 3,532,816 shares of the company’s stock valued at $136,119,000 after buying an additional 3,438,530 shares in the last quarter. Finally, Nykredit A S bought a new stake in shares of Immunovant in the second quarter valued at approximately $174,000. 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.