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

Immunovant, Inc. (NASDAQ:IMVT) Director Andrew Fromkin sold 221,951 shares of the firm’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 sale, the director directly owned 74,382 shares of the company’s stock, valued at approximately $2,492,540.82. This trade represents a 74.90% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link.

Immunovant Stock Performance

Immunovant stock opened at $33.30 on Monday. Immunovant, Inc. has a one year low of $14.09 and a one year high of $36.28. The business has a fifty day moving average of $27.72 and a two-hundred day moving average of $26.27. The company has a market cap of $6.84 billion, a P/E ratio of -11.98 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last released 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 in the prior year, the business earned ($0.64) earnings per share. Sell-side analysts predict that Immunovant, Inc. will post -2.62 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in IMVT. RTW Investments LP acquired a new position in shares of Immunovant during the 4th quarter worth $80,781,000. Morgan Stanley raised its stake in shares of Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after buying an additional 2,887,359 shares during the last quarter. Jennison Associates LLC raised its stake in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after purchasing an additional 2,496,241 shares during the last quarter. ADAR1 Capital Management LLC raised its stake in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares during the last quarter. Finally, Logos Global Management LP raised its stake in Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after purchasing an additional 1,100,000 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Truist Financial raised their target price on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a report on Friday, May 22nd. HC Wainwright raised their target price on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Guggenheim lifted their price target on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Finally, 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 research note on Wednesday, April 15th. Six investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Immunovant currently has an average rating of “Hold” and an average target price of $37.33.

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.