Intech Investment Management LLC Buys Shares of 21,825 Immunovant, Inc. (NASDAQ:IMVT)

Intech Investment Management LLC purchased a new position in Immunovant, Inc. (NASDAQ:IMVT) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 21,825 shares of the company’s stock, valued at approximately $622,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Armistice Capital LLC grew its holdings in Immunovant by 57.0% during the second quarter. Armistice Capital LLC now owns 3,396,909 shares of the company’s stock valued at $89,678,000 after purchasing an additional 1,232,909 shares during the last quarter. Principal Financial Group Inc. boosted its position in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after acquiring an additional 391,436 shares during the period. First Turn Management LLC boosted its position in shares of Immunovant by 35.6% in the second quarter. First Turn Management LLC now owns 695,428 shares of the company’s stock valued at $18,359,000 after acquiring an additional 182,535 shares during the period. abrdn plc lifted its stake in shares of Immunovant by 19.5% in the third quarter. abrdn plc now owns 478,757 shares of the company’s stock valued at $13,649,000 after buying an additional 78,035 shares during the period. Finally, Renaissance Technologies LLC grew its position in Immunovant by 14.2% during the second quarter. Renaissance Technologies LLC now owns 388,100 shares of the company’s stock worth $10,246,000 after buying an additional 48,400 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Eva Renee Barnett sold 5,162 shares of Immunovant stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the completion of the transaction, the chief financial officer now owns 338,614 shares of the company’s stock, valued at $10,009,429.84. This trade represents a 1.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Salzmann sold 16,692 shares of Immunovant stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total value of $424,811.40. Following the completion of the sale, the chief executive officer now owns 978,097 shares of the company’s stock, valued at approximately $24,892,568.65. The trade was a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 77,659 shares of company stock valued at $2,096,890. 5.90% of the stock is currently owned by insiders.

Immunovant Stock Down 1.8 %

Shares of NASDAQ:IMVT opened at $28.20 on Friday. Immunovant, Inc. has a 12-month low of $24.61 and a 12-month high of $45.58. The company’s 50 day moving average price is $28.95 and its two-hundred day moving average price is $28.84. The firm has a market cap of $4.14 billion, a PE ratio of -12.70 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last issued its earnings results on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the prior year, the business posted ($0.45) EPS. On average, research analysts expect that Immunovant, Inc. will post -2.7 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on IMVT shares. UBS Group dropped their price target on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Raymond James restated an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a research report on Thursday, August 8th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $51.00 price objective on shares of Immunovant in a report on Friday, November 8th. Eleven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Immunovant has an average rating of “Buy” and a consensus price target of $48.10.

Immunovant Company Profile

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.