Bank of America Corp DE Purchases 114,511 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Bank of America Corp DE raised its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 50.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 341,535 shares of the company's stock after acquiring an additional 114,511 shares during the period. Bank of America Corp DE owned about 0.20% of Immunovant worth $8,460,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. KBC Group NV boosted its position in shares of Immunovant by 60.1% during the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock worth $77,000 after buying an additional 1,163 shares during the period. Ameriprise Financial Inc. acquired a new position in shares of Immunovant during the fourth quarter worth about $221,000. KLP Kapitalforvaltning AS acquired a new position in shares of Immunovant during the fourth quarter worth about $268,000. Aigen Investment Management LP acquired a new position in shares of Immunovant during the fourth quarter worth about $270,000. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Immunovant by 138.4% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 14,276 shares of the company's stock worth $353,000 after buying an additional 8,289 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IMVT. Bank of America reduced their price objective on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Jefferies Financial Group started coverage on Immunovant in a research report on Monday, March 3rd. They set a "hold" rating and a $20.00 price target for the company. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. HC Wainwright reissued a "buy" rating and set a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Finally, UBS Group reissued a "neutral" rating and set a $17.00 price target (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Two equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Immunovant presently has a consensus rating of "Moderate Buy" and a consensus target price of $38.33.

Immunovant Trading Down 3.2%

NASDAQ:IMVT traded down $0.46 on Wednesday, hitting $13.83. The company's stock had a trading volume of 751,498 shares, compared to its average volume of 1,222,688. The stock has a fifty day moving average of $15.26 and a two-hundred day moving average of $20.75. The firm has a market capitalization of $2.35 billion, a P/E ratio of -5.28 and a beta of 0.75. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $19.60, for a total value of $156,800.00. Following the sale, the director now owns 91,913 shares in the company, valued at $1,801,494.80. This represents a 8.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Peter Salzmann sold 28,094 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the sale, the chief executive officer now owns 1,186,512 shares in the company, valued at $15,412,790.88. This represents a 2.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,682 shares of company stock worth $753,419 over the last 90 days. Company insiders own 5.90% of the company's stock.

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.