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

Bank of America Corp DE raised its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 50.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 341,535 shares of the company's stock after buying an additional 114,511 shares during the period. Bank of America Corp DE owned about 0.20% of Immunovant worth $8,460,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in IMVT. ABC Arbitrage SA purchased a new stake in shares of Immunovant during the fourth quarter worth about $734,000. Vanguard Group Inc. raised its position in Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock valued at $165,449,000 after purchasing an additional 20,614 shares during the last quarter. Rhumbline Advisers lifted its holdings in Immunovant by 1.5% in the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company's stock worth $2,005,000 after buying an additional 1,188 shares during the period. Sei Investments Co. grew its position in shares of Immunovant by 4.0% in the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company's stock worth $1,002,000 after buying an additional 1,541 shares during the last quarter. Finally, abrdn plc grew its position in shares of Immunovant by 11.1% in the 4th quarter. abrdn plc now owns 532,110 shares of the company's stock worth $13,180,000 after buying an additional 53,353 shares during the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Immunovant Stock Performance

Shares of IMVT traded down $0.17 during trading hours on Tuesday, hitting $14.29. The company had a trading volume of 1,241,801 shares, compared to its average volume of 1,224,318. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $34.47. The firm has a fifty day moving average price of $15.37 and a 200-day moving average price of $20.80. The stock has a market capitalization of $2.43 billion, a price-to-earnings ratio of -5.45 and a beta of 0.75.

Insider Transactions at Immunovant

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

Wall Street Analyst Weigh In

IMVT has been the subject of a number of research analyst reports. Bank of America dropped their price target on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. UBS Group reiterated a "neutral" rating and set a $17.00 price target (down previously from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Jefferies Financial Group started coverage on shares of Immunovant in a research note on Monday, March 3rd. They issued a "hold" rating and a $20.00 price target for the company. HC Wainwright reaffirmed a "buy" rating and set a $51.00 price objective on shares of Immunovant in a research report on Wednesday, March 19th. Finally, Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $38.33.

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.