Alchemi Wealth LLC acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 56,576 shares of the company's stock, valued at approximately $1,438,000. Immunovant accounts for approximately 0.8% of Alchemi Wealth LLC's portfolio, making the stock its 25th biggest holding.
A number of other hedge funds have also recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings 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. lifted 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 last quarter. Strs Ohio bought a new position in Immunovant during the first quarter valued at $27,000. Legal & General Group Plc raised its stake in shares of Immunovant by 6.9% in the second quarter. Legal & General Group Plc now owns 77,296 shares of the company's stock valued at $1,237,000 after acquiring an additional 5,010 shares during the period. Finally, Invesco Ltd. raised its stake in shares of Immunovant by 20.7% in the second quarter. Invesco Ltd. now owns 66,750 shares of the company's stock valued at $1,068,000 after acquiring an additional 11,438 shares during the period. Hedge funds and other institutional investors own 47.08% of the company's stock.
Analysts Set New Price Targets
Several research analysts recently commented on IMVT shares. The Goldman Sachs Group raised their price target on shares of Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Bank of America raised 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. Guggenheim lifted their target price on shares of Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a report on Tuesday, May 26th. HC Wainwright boosted their price target on shares of Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. Finally, Sanford C. Bernstein began coverage on shares of Immunovant in a report on Friday, March 20th. They issued a "market perform" rating and a $28.00 price target for the company. Six equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $37.33.
Read Our Latest Research Report on Immunovant
Insider Buying and Selling
In other news, COO Melanie Gloria sold 8,722 shares of the firm's stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total transaction of $216,567.26. Following the completion of the sale, the chief operating officer directly owned 245,222 shares of the company's stock, valued at $6,088,862.26. This trade represents a 3.43% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 10,132 shares of Immunovant stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total value of $251,577.56. Following the sale, the chief technology officer directly owned 254,439 shares in the company, valued at $6,317,720.37. The trade was a 3.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 300,092 shares of company stock valued at $9,553,291. Company insiders own 1.80% of the company's stock.
Immunovant Price Performance
IMVT opened at $33.62 on Friday. The stock has a market capitalization of $6.90 billion, a price-to-earnings ratio of -12.09 and a beta of 0.76. The business has a 50-day moving average of $29.25 and a two-hundred day moving average of $26.85. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $36.28.
Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter last year, the business earned ($0.64) earnings per share. Equities research analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current year.
Immunovant Profile
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Free Report)
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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