Bank of America Corp DE Grows Stock Holdings in Immunovant, Inc. $IMVT

Key Points

• Bank of America increased its Immunovant stake by 185.1% in the first quarter, holding 893,678 shares worth approximately $22.2 million. Institutional investors and hedge funds collectively own 47.08% of the company.
• Immunovant reported a quarterly loss of $0.75 per share, missing the consensus estimate of a $0.63 loss, while revenue matched expectations at $7.09 million. The stock opened at $44.30, near its 52-week high of $44.38.
• Analyst sentiment remains favorable, with six Buy ratings, three Holds and one Sell, producing a consensus “Moderate Buy” rating and a $44.00 price target. However, company insiders sold 318,810 shares worth $11.2 million over the past 90 days.

Bank of America Corp DE lifted its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 185.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 893,678 shares of the company's stock after purchasing an additional 580,197 shares during the period. Bank of America Corp DE owned 0.44% of Immunovant worth $22,199,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Immunovant by 8.9% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company's stock valued at $708,000 after acquiring an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock worth $17,222,000 after purchasing an additional 329,354 shares during the period. Strs Ohio purchased a new position in Immunovant during the first quarter worth about $27,000. Legal & General Group Plc boosted its holdings in Immunovant by 6.9% in the 2nd quarter. Legal & General Group Plc now owns 77,296 shares of the company's stock valued at $1,237,000 after purchasing an additional 5,010 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Immunovant by 20.7% in the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company's stock valued at $1,068,000 after purchasing an additional 11,438 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Price Performance

NASDAQ IMVT opened at $44.30 on Wednesday. The company has a market cap of $9.15 billion, a P/E ratio of -15.71 and a beta of 0.77. The stock has a 50-day moving average of $38.70 and a two-hundred day moving average of $31.40. Immunovant, Inc. has a 1-year low of $14.47 and a 1-year high of $44.38.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same quarter in the previous year, the company earned ($0.71) earnings per share. On average, analysts anticipate that Immunovant, Inc. will post -2.9 EPS for the current fiscal year.

Insider Transactions at Immunovant

In related news, COO Melanie Gloria sold 17,714 shares of Immunovant stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the completion of the transaction, the chief operating officer directly owned 224,393 shares in the company, valued at approximately $8,596,495.83. This trade represents a 7.32% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Tiago Girao sold 10,000 shares of the business's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.46, for a total value of $384,600.00. Following the transaction, the chief financial officer directly owned 247,596 shares of the company's stock, valued at $9,522,542.16. The trade was a 3.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 318,810 shares of company stock valued at $11,158,166 in the last 90 days. Insiders own 1.90% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on IMVT. Bank of America upped their price objective on Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research report on Monday, July 6th. JPMorgan Chase & Co. upped their price target on Immunovant from $47.00 to $50.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Guggenheim upped their price target on Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. Finally, Citigroup increased their price target on Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Immunovant currently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

About Immunovant

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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