Immunovant (NASDAQ:IMVT) COO Melanie Gloria Sells 2,241 Shares of Company Stock

Immunovant, Inc. (NASDAQ:IMVT) COO Melanie Gloria sold 2,241 shares of Immunovant stock in a transaction that occurred on Wednesday, October 7th. The stock was sold at an average price of $32.06, for a total transaction of $71,846.46. Following the completion of the sale, the chief operating officer directly owned 217,060 shares of the company’s stock, valued at approximately $6,958,943.60. This trade represents a 1.02% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Immunovant Trading Up 0.7%

Shares of IMVT opened at $30.47 on Friday. The firm has a fifty day simple moving average of $38.41 and a two-hundred day simple moving average of $34.44. The firm has a market cap of $6.29 billion, a PE ratio of -10.80 and a beta of 0.84. Immunovant, Inc. has a 1-year low of $16.59 and a 1-year high of $45.42.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter in the prior year, the business posted ($0.71) EPS. As a group, research analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Empowered Funds LLC lifted its position in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after buying an additional 381 shares in the last quarter. Corient Private Wealth LP increased its holdings in Immunovant by 1.8% in the 2nd quarter. Corient Private Wealth LP now owns 24,522 shares of the company’s stock worth $945,000 after acquiring an additional 442 shares in the last quarter. GAMMA Investing LLC raised its stake in Immunovant by 63.6% during the 3rd quarter. GAMMA Investing LLC now owns 1,224 shares of the company’s stock worth $41,000 after acquiring an additional 476 shares during the period. Swiss National Bank raised its stake in Immunovant by 0.7% during the 1st quarter. Swiss National Bank now owns 159,400 shares of the company’s stock worth $3,959,000 after acquiring an additional 1,100 shares during the period. Finally, Wellington Management Group LLP lifted its holdings in Immunovant by 7.7% during the second quarter. Wellington Management Group LLP now owns 30,722 shares of the company’s stock valued at $1,184,000 after purchasing an additional 2,197 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on IMVT shares. Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a research note on Wednesday, July 29th. UBS Group reissued a “buy” rating on shares of Immunovant in a report on Wednesday, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. JPMorgan Chase & Co. upped their target price on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Finally, Citigroup reiterated a “positive” rating on shares of Immunovant in a research report on Thursday, September 24th. Eight 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’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.00.

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.