Aberdeen Group plc Has $14.01 Million Position in Immunovant, Inc. $IMVT

Key Points

• Aberdeen Group plc increased its stake in Immunovant, growing its position by 54% to own approximately 0.48% of the company's stock, worth around $14 million at the end of the reporting period.
• Analysts have a Moderate Buy average rating for Immunovant, with price targets ranging from $18.00 to $37.00, reflecting varying expectations of its future share performance.
• Recent insider sales indicate a decrease in ownership for executives, with a total of 7,869 shares sold by insiders over the last ninety days, representing a trend of insider selling in the company.

Aberdeen Group plc boosted its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 54.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 819,477 shares of the company's stock after purchasing an additional 287,367 shares during the period. Aberdeen Group plc owned 0.48% of Immunovant worth $14,005,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IMVT. FNY Investment Advisers LLC purchased a new position in shares of Immunovant during the 1st quarter valued at $34,000. Headlands Technologies LLC purchased a new position in shares of Immunovant during the 1st quarter valued at $51,000. Covestor Ltd grew its holdings in shares of Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after acquiring an additional 2,455 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Immunovant by 256.5% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company's stock valued at $68,000 after acquiring an additional 2,863 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new position in shares of Immunovant during the 4th quarter valued at $76,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Immunovant Trading Up 2.7%

Immunovant stock traded up $0.40 on Friday, reaching $15.24. 1,398,629 shares of the stock were exchanged, compared to its average volume of 1,350,959. The stock has a market cap of $2.66 billion, a PE ratio of -5.35 and a beta of 0.66. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $34.47. The firm has a fifty day moving average price of $16.38 and a two-hundred day moving average price of $16.71.

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

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the transaction, the chief technology officer owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the transaction, the insider directly owned 221,825 shares of the company's stock, valued at $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 three months, insiders have sold 7,869 shares of company stock valued at $140,384. Company insiders own 1.80% of the company's stock.

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.