Immunovant (NASDAQ:IMVT) COO Sells $80,523.80 in Stock

Key Points

• Immunovant COO Melanie Gloria sold 2,036 shares on July 8 at an average price of $39.55, worth about $80,523.80. The sale reduced her direct stake by 0.91% and was disclosed as being for tax withholding tied to equity vesting.
• Gloria also sold a larger block earlier in June, unloading 17,714 shares on June 26 for about $678,623.34, indicating continued insider selling activity.
• The stock has rallied near its 52-week high, recently trading around $39.71 versus a 12-month high of $41.23, but the company remains unprofitable and recently missed quarterly EPS expectations.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) COO Melanie Gloria sold 2,036 shares of the business's stock in a transaction dated Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $80,523.80. Following the completion of the sale, the chief operating officer directly owned 222,357 shares of the company's stock, valued at approximately $8,794,219.35. This trade represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Melanie Gloria also recently made the following trade(s):

• On Friday, June 26th, Melanie Gloria sold 17,714 shares of Immunovant stock. The shares were sold at an average price of $38.31, for a total value of $678,623.34.

Immunovant Stock Performance

IMVT traded down $1.38 on Friday, hitting $39.71. 1,095,102 shares of the company were exchanged, compared to its average volume of 1,648,906. The firm has a fifty day simple moving average of $33.40 and a two-hundred day simple moving average of $28.67. The stock has a market capitalization of $8.15 billion, a PE ratio of -14.28 and a beta of 0.76. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $41.23.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter in the previous year, the company posted ($0.64) earnings per share. On average, equities analysts expect that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of IMVT. Geneos Wealth Management Inc. purchased a new position in Immunovant during the 4th quarter valued at about $25,000. Strs Ohio purchased a new stake in Immunovant in the first quarter worth about $27,000. PNC Financial Services Group Inc. grew its holdings in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock worth $46,000 after purchasing an additional 1,646 shares during the period. Quarry LP increased its stake in shares of Immunovant by 94.9% during the fourth quarter. Quarry LP now owns 3,000 shares of the company's stock valued at $76,000 after purchasing an additional 1,461 shares in the last quarter. Finally, Tower Research Capital LLC TRC increased its stake in shares of Immunovant by 228.9% during the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company's stock valued at $98,000 after purchasing an additional 4,273 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have issued reports on IMVT. The Goldman Sachs Group boosted their price objective on shares of Immunovant from $29.00 to $32.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Citigroup increased their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Guggenheim raised their target price on Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a report on Monday. Finally, Sanford C. Bernstein started coverage on Immunovant in a research report on Friday, March 20th. They set a "market perform" rating and a $28.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $39.70.

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.

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