Immunovant (NASDAQ:IMVT) Stock: Insider Atul Pande Sells 3,000 Shares

Immunovant, Inc. (NASDAQ:IMVT) Director Atul Pande sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $36.00, for a total transaction of $108,000.00. Following the completion of the transaction, the director directly owned 116,731 shares in the company, valued at $4,202,316. The trade was a 2.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 stock was sold at an average price of $43.27, for a total transaction of $64,905.00.

Immunovant Stock Down 2.5%

Shares of IMVT traded down $0.87 during trading on Friday, reaching $34.18. 864,711 shares of the company traded hands, compared to its average volume of 1,477,899. Immunovant, Inc. has a twelve month low of $21.86 and a twelve month high of $45.42. The stock has a market cap of $7.07 billion, a PE ratio of -13.35 and a beta of 0.95. The stock has a 50-day simple moving average of $32.64 and a 200-day simple moving average of $32.33.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Monday, November 9th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.27. During the same quarter in the previous year, the company earned ($0.73) earnings per share. On average, equities research analysts predict that Immunovant, Inc. will post -2.78 EPS for the current year.

Institutional Trading of Immunovant

Several hedge funds have recently made changes to their positions in the business. BlackRock Inc. acquired a new stake in Immunovant in the second quarter valued at approximately $276,680,000. Two Seas Capital LP purchased a new position in Immunovant in the second quarter worth approximately $121,312,000. Jennison Associates LLC grew its holdings in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in Immunovant during the 2nd quarter worth approximately $89,802,000. Finally, Bank of America Corp DE acquired a new position in Immunovant during the 2nd quarter worth approximately $45,521,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on IMVT. UBS Group reissued a “buy” rating on shares of Immunovant in a research report on Wednesday, September 23rd. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research report on Tuesday, August 25th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Friday, October 2nd. Wells Fargo & Company lifted their price objective on Immunovant from $45.00 to $47.00 and gave the company an “overweight” rating in a research note on Tuesday, November 10th. Finally, Sanford C. Bernstein upgraded Immunovant to a “hold” rating in a report on Wednesday, July 29th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immunovant presently has a consensus rating of “Moderate Buy” and an average price target of $44.60.

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.