Insider Selling: Immunovant (NASDAQ:IMVT) Director Sells 1,500 Shares

Key Points

• Director Atul Pande sold 1,500 Immunovant shares at an average price of $43.27, generating $64,905 under a pre-arranged Rule 10b5-1 trading plan. His direct holdings fell 1.27% to 116,731 shares.
• Immunovant shares fell 6.0% to $41.20, while the company reported a quarterly EPS loss of $0.75—worse than the $0.63 consensus estimate—on revenue of $7.09 million.
• Analyst sentiment remains a “Moderate Buy”, with seven Buy, three Hold, and one Sell rating and a consensus price target of $44.00; institutional investors own 47.08% of the stock.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) Director Atul Pande sold 1,500 shares of the business's stock in a transaction on Friday, August 28th. The stock was sold at an average price of $43.27, for a total transaction of $64,905.00. Following the transaction, the director directly owned 116,731 shares in the company, valued at $5,050,950.37. This trade represents a 1.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• On Friday, June 26th, Atul Pande sold 1,500 shares of Immunovant stock. The shares were sold at an average price of $38.01, for a total transaction of $57,015.00.

Immunovant Stock Down 6.0%

Immunovant stock traded down $2.62 during mid-day trading on Friday, reaching $41.20. The company had a trading volume of 1,082,271 shares, compared to its average volume of 1,516,424. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of -14.61 and a beta of 0.77. The company has a 50 day moving average of $40.17 and a 200-day moving average of $32.30. Immunovant, Inc. has a 52 week low of $14.47 and a 52 week high of $45.42.

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

Analysts Set New Price Targets

IMVT has been the topic of several recent research reports. Guggenheim lifted their price objective on Immunovant from $44.00 to $62.00 and gave the stock a "buy" rating in a report on Tuesday, May 26th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a research report on Tuesday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research note on Monday, July 6th. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a report on Wednesday, July 29th. Finally, HC Wainwright increased 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. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Immunovant presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

Institutional Trading of Immunovant

Several institutional investors have recently bought and sold shares of IMVT. Deep Track Capital LP raised its stake in Immunovant by 2.4% during the third quarter. Deep Track Capital LP now owns 9,728,845 shares of the company's stock worth $156,829,000 after acquiring an additional 228,845 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock valued at $197,750,000 after purchasing an additional 952,504 shares in the last quarter. BlackRock Inc. acquired a new stake in shares of Immunovant in the 2nd quarter valued at $276,680,000. Armistice Capital LLC grew its holdings in shares of Immunovant by 12.2% in the 3rd quarter. Armistice Capital LLC now owns 5,836,000 shares of the company's stock worth $94,076,000 after purchasing an additional 636,000 shares during the last quarter. Finally, Morgan Stanley grew its holdings in shares of Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

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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