Immunovant (NASDAQ:IMVT) Director Sells $108,000.00 in Stock

Key Points

• Director Atul Pande sold 3,000 Immunovant shares for $108,000 at $36 per share under a pre-arranged Rule 10b5-1 plan. He retained 116,731 shares after the sale.
• Immunovant shares fell 5.4% to $35.05 in Thursday trading. The company reported a quarterly loss of $0.47 per share, narrower than analysts’ expected loss of $0.74.
• Analysts’ consensus rating was Moderate Buy, with an average price target of $44.60; Wells Fargo raised its target to $47.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) Director Atul Pande sold 3,000 shares of Immunovant stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $36.00, for a total value of $108,000.00. Following the sale, the director directly owned 116,731 shares of the company's stock, valued at approximately $4,202,316. This trade represents a 2.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Atul Pande also recently made the following trade(s):

• On Friday, August 28th, Atul Pande sold 1,500 shares of Immunovant stock. The shares were sold at an average price of $43.27, for a total transaction of $64,905.00.

Immunovant Stock Down 5.4%

Shares of IMVT traded down $1.99 during trading hours on Thursday, reaching $35.05. The stock had a trading volume of 1,182,848 shares, compared to its average volume of 1,515,397. Immunovant, Inc. has a 52 week low of $21.86 and a 52 week high of $45.42. The company has a market cap of $7.24 billion, a P/E ratio of -13.69 and a beta of 0.95. The firm has a 50-day moving average of $32.83 and a 200 day moving average of $32.26.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Monday, November 9th. The company reported ($0.47) earnings per share for the quarter, beating analysts' consensus estimates of ($0.74) by $0.27. During the same quarter in the prior year, the business posted ($0.73) earnings per share. As a group, equities analysts expect that Immunovant, Inc. will post -2.87 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have issued reports on IMVT. UBS Group reiterated a "buy" rating on shares of Immunovant in a report on Wednesday, September 23rd. Citigroup restated a "positive" rating on shares of Immunovant in a report on Thursday, September 24th. Wells Fargo & Company upped their price objective on Immunovant from $45.00 to $47.00 and gave the stock an "overweight" rating in a research report on Tuesday. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a report on Wednesday, July 29th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a research report on Friday, October 2nd. Nine equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $44.60.

Hedge Funds Weigh In On Immunovant

Several hedge funds have recently modified their holdings of IMVT. BlackRock Inc. bought a new stake in Immunovant during the second quarter worth about $276,680,000. Two Seas Capital LP boosted its position in Immunovant by 46.5% during the third quarter. Two Seas Capital LP now owns 4,612,692 shares of the company's stock valued at $155,817,000 after purchasing an additional 1,464,187 shares during the last quarter. Jennison Associates LLC grew its stake in Immunovant by 356.4% in the first 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 grew its stake in Immunovant by 8.0% in the first quarter. ADAR1 Capital Management LLC now owns 2,679,010 shares of the company's stock valued at $66,547,000 after purchasing an additional 198,042 shares in the last quarter. Finally, Bank of America Corp DE bought a new position in Immunovant in the second quarter valued at approximately $45,521,000. Institutional investors own 47.08% of the company's stock.

Immunovant Company Profile

Immunovant, Inc. is a clinical-stage biopharmaceutical company developing treatments for autoimmune diseases. Its research focuses on inhibiting the neonatal Fc receptor (FcRn), a pathway involved in maintaining levels of disease-causing antibodies. The company's investigational medicines include batoclimab and IMVT-1402, both designed to reduce circulating antibodies. Immunovant has studied or evaluated these candidates for conditions including myasthenia gravis, Graves' disease and other autoimmune disorders.

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