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

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 17,714 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the completion of the transaction, the chief operating officer directly owned 224,393 shares of the company’s stock, valued at $8,596,495.83. This represents a 7.32% decrease in their position. The sale was disclosed in a filing with the SEC, 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 Price Performance

IMVT stock traded up $0.61 during midday trading on Friday, hitting $38.85. The stock had a trading volume of 3,718,031 shares, compared to its average volume of 1,598,367. The business has a 50-day moving average of $31.24 and a two-hundred day moving average of $27.69. The firm has a market cap of $7.98 billion, a price-to-earnings 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 announced 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 quarter last year, the firm earned ($0.64) earnings per share. Research analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Institutional Investors Weigh In On Immunovant

Several institutional investors and hedge funds have recently made changes to their positions in IMVT. Granahan Investment Management LLC boosted its holdings 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 raised its holdings in shares of Immunovant by 4.9% during 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 last quarter. Aberdeen Group plc raised its holdings 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 valued at $30,100,000 after purchasing an additional 202,318 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new position in Immunovant during the fourth quarter valued at approximately $1,823,000. Finally, Jennison Associates LLC bought a new position in Immunovant during the fourth quarter valued at approximately $17,806,000. Institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on IMVT shares. Bank of America upped their price target on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Citigroup reissued a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. The Goldman Sachs Group raised their price target on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Sanford C. Bernstein began coverage on Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target for the company. Finally, HC Wainwright upped their price target 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. Six 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. Based on data from MarketBeat.com, Immunovant has a consensus rating of “Hold” and an average target price of $37.33.

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.