Nuveen LLC Takes $4 Million Position in Immunovant, Inc. $IMVT

Key Points

• Nuveen LLC purchased 233,985 shares of Immunovant, Inc. for approximately $3.99 million, marking their entry into the company in the 1st quarter.
• Analyst ratings vary, with UBS Group upgrading their price target to $18.00 and several analysts providing a mix of "buy," "hold," and "overweight" ratings, suggesting a consensus target of $35.20.
• Immunovant recently reported an EPS of ($0.60), beating expectations, and has experienced substantial stakes from various institutional investors who own over 47% of the company’s stock.

Nuveen LLC purchased a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 233,985 shares of the company's stock, valued at approximately $3,999,000. Nuveen LLC owned about 0.14% of Immunovant as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. FNY Investment Advisers LLC bought a new position in Immunovant during the first quarter valued at approximately $34,000. Headlands Technologies LLC bought a new position in shares of Immunovant during the 1st quarter valued at $51,000. GF Fund Management CO. LTD. purchased a new position in shares of Immunovant in the 4th quarter worth $76,000. Covestor Ltd grew its holdings in shares of Immunovant by 187.5% in the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after acquiring an additional 2,455 shares during the period. Finally, GAMMA Investing LLC grew its holdings in shares of Immunovant by 3,816.8% in the first quarter. GAMMA Investing LLC now owns 5,366 shares of the company's stock worth $920,000 after acquiring an additional 5,229 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Stock Performance

NASDAQ:IMVT traded up $0.54 during trading hours on Tuesday, reaching $15.23. The stock had a trading volume of 97,080 shares, compared to its average volume of 1,441,258. The stock has a market capitalization of $2.65 billion, a PE ratio of -5.34 and a beta of 0.45. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $34.47. The company has a 50 day moving average price of $16.29 and a two-hundred day moving average price of $16.44.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same quarter in the previous year, the business earned ($0.60) earnings per share. Equities research analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Analyst Ratings Changes

Several brokerages have issued reports on IMVT. JPMorgan Chase & Co. dropped their target price on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. UBS Group boosted their target price on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a report on Monday, August 11th. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price target on the stock in a research note on Thursday, July 10th. Finally, Bank of America dropped their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and a consensus target price of $35.20.

Insider Transactions at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the sale, the chief technology officer directly owned 204,919 shares of the company's stock, valued at $3,719,279.85. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider directly owned 221,825 shares in the company, valued at approximately $4,026,123.75. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 7,869 shares of company stock valued at $140,384. 1.80% of the stock is owned by insiders.

About Immunovant

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.