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

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the company’s stock in a transaction that occurred 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 sale, the director owned 116,731 shares in the company, valued at approximately $5,050,950.37. This represents a 1.27% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $38.01, for a total transaction of $57,015.00.

Immunovant Stock Down 6.0%

Shares of IMVT stock opened at $41.20 on Friday. The company has a market capitalization of $8.51 billion, a PE ratio of -14.61 and a beta of 0.77. The firm has a 50 day moving average price of $40.29 and a two-hundred day moving average price of $32.36. Immunovant, Inc. has a 12-month low of $14.47 and a 12-month high of $45.42.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the previous year, the business earned ($0.71) EPS. As a group, research analysts expect that Immunovant, Inc. will post -2.96 EPS for the current year.

Institutional Investors Weigh In On Immunovant

Several large investors have recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. bought a new stake in shares of Immunovant in the 4th quarter valued at $25,000. Strs Ohio acquired a new position in shares of Immunovant during the 1st quarter valued at $27,000. PNC Financial Services Group Inc. boosted its stake in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP boosted its stake in Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after acquiring an additional 1,461 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new stake in Immunovant in the second quarter worth $87,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

IMVT has been the subject of several analyst reports. Truist Financial raised their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Tuesday. Bank of America raised their target price on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. JPMorgan Chase & Co. lifted their target price on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Finally, Guggenheim upped their price target on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Seven research 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 data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

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.