Insider Selling: Immunovant (NASDAQ:IMVT) CFO Sells $384,600.00 in Stock

Immunovant, Inc. (NASDAQ:IMVT) CFO Tiago Girao sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.46, for a total value of $384,600.00. Following the transaction, the chief financial officer directly owned 247,596 shares in the company, valued at approximately $9,522,542.16. This represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Tiago Girao also recently made the following trade(s):

• On Thursday, April 23rd, Tiago Girao sold 25,760 shares of Immunovant stock. The stock was sold at an average price of $29.62, for a total value of $763,011.20.

Immunovant Price Performance

IMVT stock opened at $38.85 on Monday. 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 twelve month low of $14.32 and a twelve month high of $39.28. The business’s fifty day simple moving average is $31.47 and its two-hundred day simple moving average is $27.80.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter in the prior year, the company posted ($0.64) EPS. Research analysts expect that Immunovant, Inc. will post -2.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IMVT. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Bank of America increased their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. The Goldman Sachs Group raised their target price on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Citigroup restated a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. Finally, Sanford C. Bernstein initiated coverage on Immunovant in a research report on Friday, March 20th. They set a “market perform” rating and a $28.00 price target on the stock. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $37.33.

Institutional Investors Weigh In On Immunovant

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Granahan Investment Management LLC lifted its stake in shares of Immunovant by 24.9% in the 3rd 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 during the period. Alpine Global Management LLC grew its position in 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 buying an additional 128,039 shares during the period. Aberdeen Group plc increased its holdings in Immunovant by 20.6% in the fourth quarter. Aberdeen Group plc now owns 1,184,122 shares of the company’s stock valued at $30,100,000 after buying an additional 202,318 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Immunovant in the fourth quarter valued at $1,823,000. Finally, Jennison Associates LLC acquired a new position in shares of Immunovant in the fourth quarter worth about $17,806,000. 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.