10 Stocks With At Least $30 Million In Insider Spending Recently

2. Immunovant, Inc. (NASDAQ:IMVT)

Highest Individual Purchase: $336,900,200.00

Number of Purchases Above $30 million: 1

Market Capitalization: $3.14 billion

Immunovant is a biotechnology company focused on developing new treatments for autoimmune disorders. Known for its pioneering work in anti-FcRn technology, the company is creating innovative, targeted therapies aimed at improving the lives of individuals with various autoimmune diseases.

In the third quarter of 2024, Immunovant announced that five investigational new drug applications for its leading drug, IMVT-1402, had been cleared by the FDA across multiple therapeutic areas and divisions. The company also stated that it is on track to begin the registration trial for IMVT-1402 across several indications by the end of March this year.

On January 13, one insider bought $336.9 million worth of Immunovant shares for $20 per share. This way, Roivant Sciences Ltd. increased its holdings to 96.65 million shares. This purchase was part of the company’s $450 million private placement.

Currently, the stock is trading at $18.49 per share, having lost 25.35% year-to-date. Over the past 12 months, its stock price dropped 45.57%.

As of December 31, 2024, Immunovant had cash and cash equivalents amounting to $374.7 million. In the third quarter of 2024, the company reported a net loss of $111.1 million or $0.76 per share, which compares to a net loss of $51.4 million or $0.36 per share for the same quarter in 2023.

Thirteen analysts have an average “Moderate Buy” rating on Immunovant stock, with a price target of $43.35, according to MarketBeat.

Immunovant is also one of the 10 oversold pharma stocks to buy according to analysts.