Immunovant, Inc. (NASDAQ:IMVT) Holdings Boosted by Bank of America Corp DE

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

Other large investors have also recently added to or reduced their stakes in the company. KBC Group NV boosted its stake in Immunovant by 60.1% during the 4th quarter. KBC Group NV now owns 3,099 shares of the company's stock valued at $77,000 after acquiring an additional 1,163 shares during the last quarter. Ameriprise Financial Inc. bought a new position in Immunovant during the 4th quarter valued at $221,000. KLP Kapitalforvaltning AS bought a new position in Immunovant during the 4th quarter valued at $268,000. Aigen Investment Management LP bought a new position in Immunovant during the 4th quarter valued at $270,000. Finally, CANADA LIFE ASSURANCE Co raised its holdings 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 purchasing an additional 8,289 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Immunovant

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

Immunovant Stock Up 5.6%

Immunovant stock traded up $0.79 during trading hours on Thursday, hitting $14.89. 1,643,175 shares of the company traded hands, compared to its average volume of 1,221,555. The firm has a market cap of $2.53 billion, a P/E ratio of -5.68 and a beta of 0.75. The firm's 50-day simple moving average is $15.06 and its two-hundred day simple moving average is $20.60. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Wednesday, June 4th. The company reported ($0.64) EPS for the quarter, beating the consensus estimate of ($0.72) by $0.08. During the same quarter last year, the firm posted ($0.52) EPS. On average, equities research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have weighed in on IMVT shares. Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. HC Wainwright reissued a "buy" rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Guggenheim reissued a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Bank of America dropped their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. Finally, Jefferies Financial Group started coverage on shares of Immunovant in a report on Monday, March 3rd. They set a "hold" rating and a $20.00 target price on the stock. Two equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Immunovant has a consensus rating of "Moderate Buy" and an average target price of $38.33.

Immunovant 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.