Immunovant (NASDAQ:IMVT) COO Sells 17,714 Shares of Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 17,714 shares of the firm’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction 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 approximately $8,596,495.83. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

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 Stock Up 1.6%

Shares of NASDAQ IMVT traded up $0.61 during mid-day trading on Friday, reaching $38.85. 3,718,031 shares of the company were exchanged, compared to its average volume of 1,598,367. Immunovant, Inc. has a 52 week low of $14.32 and a 52 week high of $39.28. The company’s 50 day moving average price is $31.24 and its 200 day moving average price is $27.69. The stock has a market capitalization of $7.98 billion, a PE ratio of -13.97 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the company posted ($0.64) EPS. On average, sell-side analysts predict that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Deep Track Capital LP lifted its position in shares of Immunovant by 2.4% in the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company’s stock worth $156,829,000 after purchasing an additional 228,845 shares during the period. Vanguard Group Inc. increased its position in shares of Immunovant by 14.0% during the fourth quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company’s stock valued at $197,750,000 after buying an additional 952,504 shares during the period. Armistice Capital LLC increased its position in shares of Immunovant by 12.2% during the third quarter. Armistice Capital LLC now owns 5,836,000 shares of the company’s stock valued at $94,076,000 after buying an additional 636,000 shares during the period. Morgan Stanley raised its stake in Immunovant by 147.4% in the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after buying an additional 2,887,359 shares in the last quarter. Finally, State Street Corp raised its stake in Immunovant by 30.9% in the fourth quarter. State Street Corp now owns 3,786,926 shares of the company’s stock worth $96,264,000 after buying an additional 894,308 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on IMVT shares. Citigroup reissued a “buy” rating on shares of Immunovant in a research note on Thursday, May 21st. The Goldman Sachs Group upped their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Truist Financial raised their price target on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Finally, HC Wainwright upped their price objective 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. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Immunovant currently has a consensus rating of “Hold” and an average price target 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.