Bank of New York Mellon Corp Acquires New Stake in Immunovant, Inc. $IMVT

Key Points

• Bank of New York Mellon acquired 295,791 Immunovant shares worth approximately $11.4 million, giving it a 0.14% stake. Institutional investors collectively own 47.08% of the company.
• Immunovant insiders sold 98,359 shares valued at about $3.8 million over the past 90 days, including sales by executives to cover tax obligations from vested equity awards.
• The stock was down 2.3% and recently traded near $39.90 after the company reported a quarterly loss of $0.75 per share, missing estimates. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $44.00.

Bank of New York Mellon Corp bought a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 295,791 shares of the company's stock, valued at approximately $11,397,000. Bank of New York Mellon Corp owned 0.14% of Immunovant as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. Renaissance Technologies LLC purchased a new stake in shares of Immunovant in the first quarter valued at $4,782,000. GSA Capital Partners LLP acquired a new position in Immunovant in the second quarter worth approximately $2,515,000. Pictet Asset Management Holding SA increased its stake in shares of Immunovant by 24.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company's stock worth $11,734,000 after purchasing an additional 91,539 shares during the last quarter. Two Seas Capital LP increased its position in Immunovant by 3.8% during the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company's stock worth $72,878,000 after buying an additional 104,922 shares during the last quarter. Finally, Profund Advisors LLC raised its stake in shares of Immunovant by 120.4% in the 4th quarter. Profund Advisors LLC now owns 49,076 shares of the company's stock valued at $1,248,000 after acquiring an additional 26,810 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Buying and Selling

In other Immunovant news, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $47,697.30. Following the transaction, the insider owned 179,391 shares in the company, valued at approximately $7,094,914.05. This represents a 0.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay S. Stout sold 3,487 shares of the stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $137,910.85. Following the completion of the sale, the chief technology officer directly owned 208,198 shares of the company's stock, valued at approximately $8,234,230.90. This trade represents a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 98,359 shares of company stock worth $3,785,493 over the last ninety days. 1.90% of the stock is owned by company insiders.

Immunovant Stock Down 2.3%

IMVT stock opened at $39.90 on Wednesday. Immunovant, Inc. has a 12 month low of $14.58 and a 12 month high of $45.42. The firm has a market cap of $8.24 billion, a P/E ratio of -14.15 and a beta of 0.81. The company's 50-day moving average price is $40.39 and its two-hundred day moving average price is $32.59.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to analysts' expectations of $7.09 million. During the same period in the prior year, the business earned ($0.71) earnings per share. Equities analysts predict that Immunovant, Inc. will post -2.96 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IMVT shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immunovant in a research report on Monday, July 6th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. Citigroup upped their target price on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Sanford C. Bernstein upgraded shares of Immunovant to a "hold" rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average 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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