In a recent filing with the Securities and Exchange Commission, Atul (NS:ATLP) Pande, a director at Immunovant, Inc. (NASDAQ:IMVT), disclosed the sale of 7,750 shares of common stock. The shares were sold on December 2, 2024, at a weighted average price of $28.54, amounting to a total transaction value of $221,185. The transaction occurred as the stock trades near its InvestingPro Fair Value, with analyst targets ranging from $36 to $58 per share. Following this transaction, Pande retains direct ownership of 86,663 shares.
The sale was conducted under a Rule 10b5-1 trading plan that Pande adopted on May 24, 2023. This plan was designed to manage tax obligations related to the vesting and deferred settlement of a previous award of restricted stock units. The shares were sold in multiple transactions, with prices ranging between $28.03 and $29.00 per share. Pande also holds an additional 20,000 shares indirectly through a trust.
In other recent news, Immunovant has been making significant strides with its drug batoclimab, which is being developed for the treatment of Graves' disease. The company's Phase 2 data revealed a 76% response rate, surpassing the expected 50% benchmark. This promising result has led firms such as Raymond (NS:RYMD) James, Citi, and Piper Sandler to maintain their positive ratings on Immunovant, with Citi raising its price target to $60, the highest on the street. The drug, also known as IMVT-1402, is advancing into pivotal development for Graves' disease treatment. Analysts from Oppenheimer have revised their sales projections for the drug, anticipating risk-unadjusted sales in the United States to reach $1.3 billion by the year 2032, based on current incidence rates. Furthermore, Immunovant's Board welcomed three new directors during the recent Annual Meeting of Stockholders. The company is also preparing to commence Phase 3 trials later this year, with the primary endpoint expected to be of similar duration to the Phase 2 study.
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