Insider Selling: Immunovant (NASDAQ:IMVT) COO Sells $678,623.34 in Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 17,714 shares of the business’s stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $678,623.34. Following the transaction, the chief operating officer directly owned 224,393 shares of the company’s stock, valued at approximately $8,596,495.83. This represents a 7.32% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Melanie Gloria also recently made the following trade(s):

• On Wednesday, April 8th, Melanie Gloria sold 8,722 shares of Immunovant stock. The shares were sold at an average price of $24.83, for a total value of $216,567.26.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $38.85 on Monday. The stock’s 50-day moving average is $31.47 and its 200-day moving average is $27.80. The company has a market cap of $7.98 billion, a P/E ratio of -13.97 and a beta of 0.76. Immunovant, Inc. has a 52-week low of $14.32 and a 52-week high of $39.28.

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

Analyst Ratings Changes

A number of research analysts have recently commented on IMVT shares. Truist Financial upped their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Sanford C. Bernstein initiated coverage on shares of Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 target price on the stock. HC Wainwright upped their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Finally, Citigroup reissued a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Immunovant has a consensus rating of “Hold” and an average target price of $37.33.

Institutional Trading of Immunovant

Several institutional investors have recently modified their holdings of the company. Empowered Funds LLC increased its position in shares of Immunovant by 2.7% during the first quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after purchasing an additional 381 shares during the period. Wellington Management Group LLP lifted its position in Immunovant by 2.7% in the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after purchasing an additional 755 shares during the period. Royal Bank of Canada lifted its position in Immunovant by 20.7% in the fourth 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 period. The Manufacturers Life Insurance Company boosted its stake in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after buying an additional 900 shares in the last quarter. Finally, Banque Pictet & Cie SA boosted its stake in Immunovant by 0.9% during the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock worth $2,920,000 after buying an additional 993 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.