Immunovant (NASDAQ:IMVT) CFO Tiago Girao Sells 25,760 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) CFO Tiago Girao sold 25,760 shares of the business’s stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $763,011.20. Following the completion of the transaction, the chief financial officer owned 247,596 shares in the company, valued at approximately $7,333,793.52. This trade represents a 9.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

NASDAQ:IMVT opened at $28.58 on Friday. Immunovant, Inc. has a one year low of $13.36 and a one year high of $30.09. The business’s 50-day simple moving average is $25.99 and its 200 day simple moving average is $24.63. The stock has a market cap of $5.82 billion, a price-to-earnings ratio of -10.62 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Friday, February 6th. The company reported ($0.61) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same period last year, the firm posted ($0.76) earnings per share. On average, equities research analysts predict that Immunovant, Inc. will post -2.67 EPS for the current year.

Institutional Trading of Immunovant

Several institutional investors and hedge funds have recently bought and sold shares of the company. Granahan Investment Management LLC grew its holdings in Immunovant by 24.9% in the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock worth $4,291,000 after buying an additional 53,133 shares in the last quarter. Alpine Global Management LLC grew its holdings in Immunovant by 4.9% in the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock worth $44,406,000 after buying an additional 128,039 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in Immunovant in the 4th quarter worth approximately $1,823,000. Aberdeen Group plc grew its holdings in Immunovant by 20.6% in the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock worth $30,100,000 after buying an additional 202,318 shares in the last quarter. Finally, SG Americas Securities LLC grew its holdings in Immunovant by 679.7% in the 3rd quarter. SG Americas Securities LLC now owns 62,598 shares of the company’s stock worth $1,009,000 after buying an additional 54,570 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. Sanford C. Bernstein assumed coverage on Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research note on Tuesday, January 6th. Truist Financial upped their price objective on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a research note on Thursday, January 8th. Finally, The Goldman Sachs Group upped their price objective on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research note on Wednesday, April 15th. 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 company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $32.44.

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.