Perceptive Advisors LLC boosted its position in shares of Immunovant, Inc. (NASDAQ:IMVT – Free Report) by 25.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,994,890 shares of the company’s stock after buying an additional 407,000 shares during the period. Perceptive Advisors LLC’s holdings in Immunovant were worth $50,710,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Immunovant by 8.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after buying an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after purchasing an additional 329,354 shares during the period. Strs Ohio purchased a new stake in Immunovant during the first quarter valued at approximately $27,000. Legal & General Group Plc raised its position in Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock valued at $1,237,000 after purchasing an additional 5,010 shares during the period. Finally, Invesco Ltd. raised its position in Immunovant by 20.7% during the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock valued at $1,068,000 after purchasing an additional 11,438 shares during the period. 47.08% of the stock is owned by institutional investors.
Immunovant Stock Up 3.3%
IMVT opened at $34.71 on Thursday. The stock’s fifty day moving average is $29.80 and its two-hundred day moving average is $27.09. The company has a market capitalization of $7.13 billion, a P/E ratio of -12.49 and a beta of 0.76. Immunovant, Inc. has a 52 week low of $14.32 and a 52 week high of $36.28.
Analysts Set New Price Targets
A number of brokerages have issued reports on IMVT. Truist Financial upped their price objective on Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. The Goldman Sachs Group upped their price objective on Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a research report on Wednesday, April 15th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Bank of America upped their price objective on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, HC Wainwright upped their price objective on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $37.33.
Get Our Latest Stock Report on Immunovant
Insider Buying and Selling at Immunovant
In other news, Director Atul Pande sold 6,000 shares of the firm’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $32.00, for a total value of $192,000.00. Following the completion of the sale, the director owned 116,731 shares of the company’s stock, valued at $3,735,392. This trade represents a 4.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert Graham Susman sold 2,502 shares of the firm’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $27.17, for a total value of $67,979.34. Following the completion of the sale, the director directly owned 36,394 shares of the company’s stock, valued at $988,824.98. The trade was a 6.43% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 297,215 shares of company stock worth $9,481,453. 1.80% of the stock is currently owned by company insiders.
Immunovant Company Profile
Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.
The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.
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