1,181,452 Shares in Immunovant, Inc. $IMVT Purchased by Bank of America Corp DE

Bank of America Corp DE acquired a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 1,181,452 shares of the company's stock, valued at approximately $45,521,000. Bank of America Corp DE owned approximately 0.57% of Immunovant as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Man Group plc purchased a new position in shares of Immunovant in the 2nd quarter valued at approximately $5,399,000. Jupiter Topco LLC purchased a new stake in Immunovant in the second quarter worth $1,003,000. ADAR1 Capital Management LLC purchased a new stake in Immunovant in the second quarter worth $89,802,000. Canada Pension Plan Investment Board bought a new position in Immunovant in the second quarter worth $867,000. Finally, Legal & General Group Plc bought a new position in Immunovant in the second quarter worth $2,609,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Insider Buying and Selling at Immunovant

In related news, COO Melanie Gloria sold 17,714 shares of the firm's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the transaction, the chief operating officer directly owned 224,393 shares of the company's stock, valued at approximately $8,596,495.83. This trade represents a 7.32% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Tiago Girão sold 10,000 shares of Immunovant stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.46, for a total value of $384,600.00. Following the transaction, the chief financial officer owned 247,596 shares in the company, valued at $9,522,542.16. This trade represents a 3.88% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 98,359 shares of company stock worth $3,785,493. Insiders own 1.90% of the company's stock.

Immunovant Price Performance

Shares of Immunovant stock opened at $37.18 on Tuesday. Immunovant, Inc. has a 1 year low of $14.58 and a 1 year high of $45.42. The firm's 50-day moving average is $40.13 and its 200 day moving average is $33.71. The stock has a market cap of $7.68 billion, a price-to-earnings ratio of -13.18 and a beta of 0.81.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company 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 business earned ($0.71) earnings per share. On average, equities analysts expect that Immunovant, Inc. will post -2.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IMVT. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a research report on Wednesday, July 29th. JPMorgan Chase & Co. lifted their price target on shares of Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Citigroup boosted their price objective on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a report on Monday, July 6th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a research note on Tuesday, August 25th. Seven 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $44.00.

Immunovant Profile

Immunovant, Inc NASDAQ: IMVT is a clinical-stage biopharmaceutical company developing therapies for patients with immune-mediated diseases. The company focuses on conditions in which disease-causing antibodies, or immunoglobulin G (IgG), play a central role, including autoimmune and inflammatory disorders.

Immunovant's lead product candidate is batoclimab, an investigational fully human monoclonal antibody designed to block the neonatal Fc receptor (FcRn). By inhibiting FcRn, batoclimab is intended to reduce circulating IgG antibodies that can contribute to autoimmune disease.

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