Canada Pension Plan Investment Board acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT – Free Report) during the 2nd quarter, Holdings Channel reports. The fund acquired 22,500 shares of the company’s stock, valued at approximately $867,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Empowered Funds LLC increased its stake in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after acquiring an additional 381 shares during the last quarter. Wellington Management Group LLP lifted its holdings in shares of Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after acquiring an additional 755 shares during the period. Royal Bank of Canada boosted its position in shares of Immunovant by 20.7% in the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after acquiring an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after acquiring an additional 900 shares during the last quarter. Finally, Swiss National Bank grew its holdings in Immunovant by 0.7% in the first quarter. Swiss National Bank now owns 159,400 shares of the company’s stock valued at $3,959,000 after purchasing an additional 1,100 shares during the period. Hedge funds and other institutional investors own 47.08% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts recently commented on IMVT shares. Bank of America upped their price target on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. JPMorgan Chase & Co. boosted their price objective on shares of Immunovant from $47.00 to $50.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Guggenheim upped their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. Finally, Truist Financial increased their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $44.00.
Immunovant Stock Down 0.9%
Shares of IMVT stock opened at $40.82 on Tuesday. Immunovant, Inc. has a fifty-two week low of $14.47 and a fifty-two week high of $45.42. The firm’s 50 day moving average price is $40.34 and its two-hundred day moving average price is $32.49. The stock has a market cap of $8.43 billion, a price-to-earnings ratio of -14.48 and a beta of 0.77.
Immunovant (NASDAQ:IMVT – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the firm earned ($0.71) earnings per share. On average, equities analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.
Insider Activity
In related news, CEO Eric Venker sold 3,092 shares of the stock in a transaction on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the completion of the sale, the chief executive officer directly owned 254,280 shares in the company, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Melanie Gloria sold 2,036 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total value of $80,523.80. Following the completion of the sale, the chief operating officer owned 222,357 shares of the company’s stock, valued at approximately $8,794,219.35. This represents a 0.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 98,359 shares of company stock worth $3,785,493 in the last quarter. Insiders own 1.90% of the company’s stock.
Immunovant 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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