Atul Pande Sells 1,500 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the company’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the sale, the director owned 116,731 shares of the company’s stock, valued at $4,436,945.31. This trade represents a 1.27% decrease in their position. The sale was disclosed in a filing with the SEC, which is available 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 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 value of $192,000.00.

Immunovant Stock Up 1.6%

NASDAQ:IMVT traded up $0.61 during trading hours on Friday, hitting $38.85. 3,718,031 shares of the company traded hands, compared to its average volume of 1,598,367. The company has a market cap of $7.98 billion, a PE ratio of -13.97 and a beta of 0.76. The firm’s 50-day simple moving average is $31.24 and its 200-day simple moving average is $27.69. Immunovant, Inc. has a one year low of $14.32 and a one year high of $39.28.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the previous year, the company posted ($0.64) EPS. As a group, equities research analysts expect that Immunovant, Inc. will post -2.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Sanford C. Bernstein started coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective for the company. Truist Financial boosted their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research note on Friday, May 22nd. Guggenheim upped their target price on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday, May 26th. The Goldman Sachs Group lifted their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, Bank of America boosted their price objective on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Six investment 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $37.33.

Institutional Trading of Immunovant

Several hedge funds have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its stake in Immunovant by 2.7% in the first quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after acquiring an additional 381 shares during the last quarter. Wellington Management Group LLP grew its position in shares of Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after acquiring an additional 755 shares during the period. Royal Bank of Canada increased its stake in shares of Immunovant by 20.7% during the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after purchasing an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares during the last quarter. Finally, Banque Pictet & Cie SA raised its holdings in shares of Immunovant by 0.9% in the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock worth $2,920,000 after purchasing an additional 993 shares during the period. 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.