Insider Selling: Immunovant (NASDAQ:IMVT) COO Sells $216,567.26 in Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 8,722 shares of the business’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the completion of the sale, the chief operating officer owned 245,222 shares in the company, valued at $6,088,862.26. This represents a 3.43% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Price Performance

Immunovant stock opened at $24.50 on Monday. Immunovant, Inc. has a 52 week low of $13.36 and a 52 week high of $29.25. The firm’s 50-day simple moving average is $25.60 and its 200 day simple moving average is $23.92. The firm has a market capitalization of $4.99 billion, a PE ratio of -9.11 and a beta of 0.67.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data 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 quarter in the previous year, the business earned ($0.76) earnings per share. On average, research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Granahan Investment Management LLC increased its stake in shares of Immunovant by 24.9% during the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after acquiring an additional 53,133 shares during the last quarter. Alpine Global Management LLC increased its stake in shares of Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after acquiring an additional 128,039 shares during the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Immunovant during the 3rd quarter valued at about $3,308,000. Aberdeen Group plc increased its stake in shares of Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock valued at $30,100,000 after acquiring an additional 202,318 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Immunovant by 679.7% during the 3rd quarter. SG Americas Securities LLC now owns 62,598 shares of the company’s stock valued at $1,009,000 after acquiring an additional 54,570 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Upgrades and Downgrades

IMVT has been the topic of several recent research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. 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 target price for the company. Wolfe Research raised shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 target price for the company in a research note on Tuesday, January 6th. Finally, Guggenheim boosted their target price on shares of Immunovant from $41.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, February 9th. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $32.00.

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.