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

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $43.27, for a total value of $64,905.00. Following the sale, the director directly owned 116,731 shares of the company’s stock, valued at $5,050,950.37. The trade was a 1.27% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 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 Trading Down 6.0%

NASDAQ IMVT opened at $41.20 on Friday. The company has a fifty day simple moving average of $40.29 and a 200 day simple moving average of $32.36. The company has a market cap of $8.51 billion, a P/E ratio of -14.61 and a beta of 0.77. Immunovant, Inc. has a 1 year low of $14.47 and a 1 year high of $45.42.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same quarter in the previous year, the business earned ($0.71) EPS. Equities research analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on IMVT shares. 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. JPMorgan Chase & Co. boosted their price objective on shares of Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Bank of America increased their target price 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. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Tuesday. Seven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Immunovant presently has an average rating of “Moderate Buy” and an average price target of $44.00.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IMVT. Empowered Funds LLC boosted its holdings in shares of Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock worth $362,000 after acquiring an additional 381 shares in the last quarter. Corient Private Wealth LP raised its position in Immunovant by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock valued at $945,000 after purchasing an additional 442 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Immunovant by 2.7% in the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after buying an additional 755 shares in the last quarter. Royal Bank of Canada increased its stake in shares of Immunovant by 20.7% in the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after buying an additional 780 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after buying an additional 900 shares during the last quarter. Institutional investors 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.