Immunovant (NASDAQ:IMVT) COO Melanie Gloria Sells 2,241 Shares of Company Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 2,241 shares of the stock in a transaction dated Wednesday, October 7th. The shares were sold at an average price of $32.06, for a total transaction of $71,846.46. Following the transaction, the chief operating officer owned 217,060 shares of the company’s stock, valued at approximately $6,958,943.60. The trade was a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

IMVT stock traded up $0.21 during mid-day trading on Friday, hitting $30.47. The company had a trading volume of 1,494,823 shares, compared to its average volume of 1,514,941. The firm has a market cap of $6.29 billion, a PE ratio of -10.80 and a beta of 0.84. Immunovant, Inc. has a 12 month low of $16.59 and a 12 month high of $45.42. The stock’s fifty day moving average price is $38.58 and its two-hundred day moving average price is $34.46.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the prior year, the company earned ($0.71) earnings per share. Equities analysts anticipate that Immunovant, Inc. will post -2.96 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the company. Sanford C. Bernstein raised Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Tuesday, August 25th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Friday, October 2nd. HC Wainwright restated a “buy” rating on shares of Immunovant in a research note on Thursday, September 24th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Immunovant during the 2nd quarter worth approximately $276,680,000. Two Seas Capital LP bought a new position in Immunovant in the 2nd quarter valued at $121,312,000. Jennison Associates LLC grew its position in shares of Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock valued at $79,406,000 after purchasing an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC purchased a new position in shares of Immunovant during the 2nd quarter valued at $89,802,000. Finally, Bank of America Corp DE bought a new position in shares of Immunovant in the second quarter worth $45,521,000. Institutional investors own 47.08% of the company’s stock.

Immunovant Company Profile

Immunovant, Inc is a clinical-stage biopharmaceutical company focused on developing treatments for autoimmune diseases. The company’s approach centers on targeting the neonatal Fc receptor (FcRn), a protein involved in the recycling of immunoglobulin G antibodies that can contribute to autoimmune activity.

Immunovant’s lead product candidate is batoclimab (IMVT-1401), a fully human monoclonal antibody designed to reduce circulating disease-causing antibodies. The company has evaluated batoclimab in several autoimmune conditions, including generalized myasthenia gravis and Graves’ disease, and has also pursued development in other antibody-mediated disorders.