Insider Selling: Immunovant (NASDAQ:IMVT) COO Sells 2,241 Shares of Stock

Key Points

• Immunovant COO Melanie Gloria sold 2,241 shares at an average price of $32.06, worth approximately $71,846. The sale covered tax withholding obligations tied to vested equity awards and reduced her ownership by 1.02%.
• Immunovant shares recently traded at $30.47, while the company reported a quarterly loss of $0.75 per share, missing analyst expectations of a $0.63 loss. Analysts project a full-year loss of $2.96 per share.
• Analyst sentiment remains broadly positive, with eight Buy ratings, three Holds, and one Sell rating, producing a consensus “Moderate Buy” rating and a $44 price target. Institutional investors own 47.08% of the company.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) COO Melanie Gloria sold 2,241 shares of the company's stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total value of $71,846.46. Following the transaction, the chief operating officer directly owned 217,060 shares in the company, valued at approximately $6,958,943.60. This trade represents a 1.02% decrease in their ownership of the stock. 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 Up 0.7%

NASDAQ:IMVT traded up $0.21 on Friday, hitting $30.47. The stock had a trading volume of 1,494,823 shares, compared to its average volume of 1,514,941. The business's fifty day moving average is $38.58 and its 200 day moving average is $34.46. The company has a market cap of $6.29 billion, a PE ratio of -10.80 and a beta of 0.84. Immunovant, Inc. has a 52 week low of $16.59 and a 52 week high of $45.42.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analysts' expectations of $7.09 million. During the same period last year, the company posted ($0.71) EPS. Equities analysts predict that Immunovant, Inc. will post -2.96 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on IMVT shares. HC Wainwright reaffirmed a "buy" rating on shares of Immunovant in a research note on Thursday, September 24th. Cantor Fitzgerald restated an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. UBS Group reaffirmed a "buy" rating on shares of Immunovant in a research report on Wednesday, September 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research note on Friday, October 2nd. Finally, Citigroup reissued a "positive" rating on shares of Immunovant in a report on Thursday, September 24th. Eight equities research 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 MarketBeat, Immunovant currently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

Institutional Trading of Immunovant

Several institutional investors have recently made changes to their positions in IMVT. The Manufacturers Life Insurance Company purchased a new stake in Immunovant in the 2nd quarter valued at about $1,871,000. Renaissance Technologies LLC purchased a new position in shares of Immunovant in the 1st quarter worth approximately $4,782,000. GSA Capital Partners LLP bought a new position in shares of Immunovant in the second quarter valued at approximately $2,515,000. Man Group plc bought a new position in shares of Immunovant in the second quarter valued at approximately $5,399,000. Finally, Squarepoint Ops LLC bought a new position in shares of Immunovant in the second quarter valued at approximately $2,996,000. 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.

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