Insider Selling: Immunovant (NASDAQ:IMVT) COO Sells 8,722 Shares of Stock

Key Points

• COO Melanie Gloria sold 8,722 shares of Immunovant on April 8 at an average price of $24.83 (totaling $216,567.26); the sale, disclosed in an SEC filing, was made to cover tax withholding from vested equity and trimmed her stake to 245,222 shares (a 3.43% decrease).
• Immunovant shares recently traded around $24.50 with a market cap of about $4.99 billion, a negative P/E of -9.11, and a one-year range of $13.36 to $29.25.
• Analyst coverage is mixed—six Buys, four Holds and one Sell—with a MarketBeat average rating of "Hold" and a consensus price target of $32.00.

Immunovant, Inc. (NASDAQ:IMVT - Get Free Report) COO Melanie Gloria sold 8,722 shares of Immunovant stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the completion of the sale, the chief operating officer owned 245,222 shares of the company's stock, valued at $6,088,862.26. This represents a 3.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Stock Performance

Shares of IMVT traded down $1.15 during mid-day trading on Friday, hitting $24.50. 1,212,256 shares of the company traded hands, compared to its average volume of 1,394,212. The stock has a market cap of $4.99 billion, a price-to-earnings ratio of -9.11 and a beta of 0.67. The stock has a 50-day moving average price of $25.63 and a two-hundred day moving average price of $23.74. Immunovant, Inc. has a 1 year low of $13.36 and a 1 year high of $29.25.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the firm posted ($0.76) earnings per share. On average, analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Institutional Trading of Immunovant

Several institutional investors have recently made changes to their positions in IMVT. Deep Track Capital LP raised its stake in Immunovant by 2.4% during the 3rd quarter. Deep Track Capital LP now owns 9,728,845 shares of the company's stock valued at $156,829,000 after purchasing an additional 228,845 shares during the period. Vanguard Group Inc. lifted its holdings in Immunovant by 14.0% in the 4th quarter. Vanguard Group Inc. now owns 7,779,314 shares of the company's stock worth $197,750,000 after purchasing an additional 952,504 shares in the last quarter. Armistice Capital LLC boosted its stake in 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 period. Morgan Stanley boosted its stake in 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 period. Finally, State Street Corp grew its holdings in Immunovant by 30.9% during the 4th quarter. State Street Corp now owns 3,786,926 shares of the company's stock valued at $96,264,000 after buying an additional 894,308 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on IMVT shares. Guggenheim raised their price target on Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a research note on Monday, February 9th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a research report on Wednesday. HC Wainwright reissued a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research report on Tuesday, February 10th. Wolfe Research upgraded Immunovant from a "peer perform" rating to an "outperform" rating and set a $50.00 price target for the company in a research note on Tuesday, January 6th. Finally, Truist Financial upped their price target on shares of Immunovant from $16.00 to $22.00 and gave the company a "hold" rating in a research report on Thursday, January 8th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Immunovant has an average rating of "Hold" and a consensus price target of $32.00.

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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