Atul Pande Sells 1,500 Shares of Immunovant (NASDAQ:IMVT) Stock

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the business’s stock in a transaction dated Friday, June 26th. The stock was sold at an average price of $38.01, for a total value of $57,015.00. Following the sale, the director owned 116,731 shares in the company, valued at $4,436,945.31. The trade was a 1.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Atul Pande also recently made the following trade(s):

• On Wednesday, May 20th, Atul Pande sold 6,000 shares of Immunovant stock. The shares were sold at an average price of $32.00, for a total transaction of $192,000.00.

Immunovant Stock Up 1.6%

IMVT stock opened at $38.85 on Friday. The stock has a market capitalization of $7.98 billion, a PE 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. The firm has a 50 day moving average of $31.47 and a 200 day moving average of $27.77.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data 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 period last year, the business posted ($0.64) EPS. On average, equities research analysts expect that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Institutional Investors Weigh In On Immunovant

Institutional investors have recently added to or reduced their stakes in the stock. Granahan Investment Management LLC lifted its holdings in Immunovant by 24.9% during the third quarter. Granahan Investment Management LLC now owns 266,221 shares of the company’s stock valued at $4,291,000 after purchasing an additional 53,133 shares in the last quarter. Alpine Global Management LLC grew its position in shares of Immunovant by 4.9% in the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company’s stock valued at $44,406,000 after purchasing an additional 128,039 shares during the period. Aberdeen Group plc increased its stake in shares of Immunovant by 20.6% during the fourth quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock worth $30,100,000 after purchasing an additional 202,318 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Immunovant during the fourth quarter worth about $1,823,000. Finally, Jennison Associates LLC acquired a new position in shares of Immunovant during the 4th quarter worth about $17,806,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

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.