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 dated Friday, August 28th. The stock was sold at an average price of $43.27, for a total transaction of $64,905.00. Following the sale, the director directly 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 sale was disclosed in a legal filing with the SEC, which is available at this link. 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 transaction of $57,015.00.

Immunovant Price Performance

Shares of IMVT traded down $2.62 on Friday, hitting $41.20. The company’s stock had a trading volume of 1,082,271 shares, compared to its average volume of 1,516,424. The company has a market capitalization of $8.51 billion, a PE ratio of -14.61 and a beta of 0.77. Immunovant, Inc. has a fifty-two week low of $14.47 and a fifty-two week high of $45.42. The company has a 50 day moving average price of $40.17 and a 200 day moving average price of $32.30.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data 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 business had revenue of $7.09 million during the quarter, compared to analysts’ expectations of $7.09 million. During the same period last year, the firm posted ($0.71) EPS. On average, equities analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current year.

Institutional Investors Weigh In On Immunovant

A number of institutional investors and hedge funds have recently made changes to their positions in IMVT. Corient Private Wealth LP lifted its stake in shares of Immunovant by 1.8% during the second quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock valued at $945,000 after acquiring an additional 442 shares during the period. Amundi increased its position in Immunovant by 6.1% in the second quarter. Amundi now owns 70,948 shares of the company’s stock worth $2,734,000 after purchasing an additional 4,100 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Immunovant during the 2nd quarter worth about $223,000. California State Teachers Retirement System raised its holdings in Immunovant by 3,646.9% during the 2nd quarter. California State Teachers Retirement System now owns 3,532,816 shares of the company’s stock worth $136,119,000 after purchasing an additional 3,438,530 shares during the last quarter. Finally, Nykredit A S acquired a new position in Immunovant during the 2nd quarter valued at about $174,000. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on IMVT. Citigroup upped their price target 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. JPMorgan Chase & Co. raised their price objective on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Truist Financial upped their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Finally, Bank of America increased their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.00.

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.