Immunovant directors elected, auditor ratified by stockholders

On Monday, Immunovant (NASDAQ:IMVT), Inc., a biopharmaceutical company, held its 2024 Annual Meeting of Stockholders, where key decisions regarding the company's governance and accounting were made. The meeting saw a high turnout, with approximately 95% of the shares entitled to vote being represented.

During the meeting, three directors were elected to Immunovant's Board. Peter Salzmann, M.D., M.B.A., George Migausky, and Douglas Hughes will serve on the Board until the 2025 Annual Meeting of Stockholders. The election results were decisive, with Salzmann receiving 99,849,994 votes for and 31,897,811 votes withheld; Migausky receiving 98,023,809 votes for and 33,723,996 votes withheld; and Hughes receiving 97,129,496 votes for and 34,618,309 votes withheld. In each case, there were 6,513,760 broker non-votes.

Additionally, the company's stockholders ratified the selection of Ernst & Young LLP as Immunovant’s independent registered public accounting firm for the fiscal year ending March 31, 2025. The decision was nearly unanimous, with 138,241,628 votes for, 16,740 against, and 3,197 abstentions.

Furthermore, the stockholders approved, on a non-binding advisory basis, the compensation of Immunovant's named executive officers as disclosed in the Proxy Statement, which includes the compensation tables and related narrative disclosures. The approval received 128,494,310 votes for, 3,249,170 against, and 4,325 abstentions, with 6,513,760 broker non-votes.

In other recent news, multiple financial firms have adjusted their price targets for Immunovant's shares following updates on the biopharmaceutical company's drug pipeline. Oppenheimer reduced its target to $46.00, while maintaining an Outperform rating. The firm expressed confidence in Immunovant's strategic focus on IMVT-1402, a drug candidate expected to commence several potentially registrational trials within the upcoming fiscal year.

Wells Fargo also adjusted its target, lowering it to $47.00, but maintained an Overweight rating. The firm noted the potential upside provided by trials for IMVT-1402 and anticipated benefits from the successful launch of ARGX Vyvgart in Chronic Inflammatory Demyelinating Polyneuropathy (CIDP).

Guggenheim maintained a Buy rating but lowered the stock price target from $50.00 to $48.00, following delays in studies of IMVT-1401 and IMVT-1402. The firm noted the company's robust financial standing, with reported cash and cash equivalents totaling approximately $635 million.

Piper Sandler maintained its Overweight rating and a $57.00 price target on Immunovant stock, citing key inflection points expected to contribute to the stock's rise. Finally, Goldman Sachs reiterated a Neutral rating with a $50.00 price target on Immunovant's shares, following new competitor data. These are recent developments in the company's progress.

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