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

Immunovant, Inc. (NASDAQ:IMVT) Director Andrew Fromkin sold 221,951 shares of the stock in a transaction that occurred 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 transaction, the director owned 74,382 shares in the company, valued at approximately $2,492,540.82. This trade represents a 74.90% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Immunovant Stock Down 0.6%

IMVT stock traded down $0.20 during midday trading on Friday, hitting $33.30. 1,684,489 shares of the company traded hands, compared to its average volume of 1,658,691. Immunovant, Inc. has a twelve month low of $14.09 and a twelve month high of $36.28. The business has a 50 day simple moving average of $27.53 and a 200-day simple moving average of $26.20. The stock has a market capitalization of $6.84 billion, a price-to-earnings ratio of -11.98 and a beta of 0.70.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter in the prior year, the business posted ($0.64) earnings per share. Equities research analysts forecast that Immunovant, Inc. will post -2.62 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on IMVT. Guggenheim increased their price target on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a report on Tuesday. Sanford C. Bernstein started coverage on Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 price target for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. The Goldman Sachs Group upped their price target on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Finally, HC Wainwright upped their price target on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Six equities 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 stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $37.33.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Bank of America Corp DE lifted its holdings in shares of Immunovant by 185.1% during the first quarter. Bank of America Corp DE now owns 893,678 shares of the company’s stock worth $22,199,000 after buying an additional 580,197 shares during the last quarter. ADAR1 Capital Management LLC lifted its holdings in shares of Immunovant by 8.0% during the first quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company’s stock worth $66,547,000 after buying an additional 198,042 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of Immunovant by 9.7% during the first quarter. California State Teachers Retirement System now owns 94,286 shares of the company’s stock worth $2,342,000 after buying an additional 8,334 shares during the last quarter. Empowered Funds LLC lifted its holdings in shares of Immunovant by 2.7% during the first quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after buying an additional 381 shares during the last quarter. Finally, Quantinno Capital Management LP raised its stake in shares of Immunovant by 181.1% in the first quarter. Quantinno Capital Management LP now owns 40,030 shares of the company’s stock valued at $994,000 after purchasing an additional 25,787 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors and hedge funds.

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.