Banque Pictet & Cie SA Has $2.02 Million Stock Holdings in Immunovant, Inc. $IMVT

Key Points

• Banque Pictet & Cie SA reduced its stake in Immunovant, Inc. by 14.5%, owning 125,952 shares valued at approximately $2.02 million.
• Institutional investors and hedge funds hold 47.08% of Immunovant's stock, with notable increases from firms like Baker BROS. Advisors LP and T. Rowe Price Investment Management Inc.
• Analysts have varying views on Immunovant, with a consensus rating of "Moderate Buy" and a price target averaging $33.60, despite recent price target cuts from several firms.

Banque Pictet & Cie SA decreased its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 14.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 125,952 shares of the company's stock after selling 21,445 shares during the period. Banque Pictet & Cie SA owned 0.07% of Immunovant worth $2,015,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of IMVT. Baker BROS. Advisors LP lifted its holdings in shares of Immunovant by 219.6% during the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company's stock valued at $93,275,000 after buying an additional 3,750,000 shares during the last quarter. Woodline Partners LP raised its position in Immunovant by 133.0% during the first quarter. Woodline Partners LP now owns 1,497,869 shares of the company's stock valued at $25,599,000 after acquiring an additional 855,143 shares in the last quarter. T. Rowe Price Investment Management Inc. lifted its stake in Immunovant by 15.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company's stock valued at $100,743,000 after acquiring an additional 777,590 shares during the last quarter. Alpine Global Management LLC grew its position in Immunovant by 21.7% in the first quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company's stock worth $44,890,000 after acquiring an additional 467,788 shares in the last quarter. Finally, Affinity Asset Advisors LLC grew its position in Immunovant by 330.0% in the first quarter. Affinity Asset Advisors LLC now owns 430,000 shares of the company's stock worth $7,349,000 after acquiring an additional 330,000 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research firms have recently weighed in on IMVT. Bank of America cut their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price target for the company in a research note on Thursday, July 10th. UBS Group raised their price objective on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Finally, JPMorgan Chase & Co. decreased their target price on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.60.

Insider Transactions at Immunovant

In related news, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares in the company, valued at $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Michael Geffner sold 2,385 shares of the firm's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the sale, the insider owned 221,825 shares of the company's stock, valued at $4,026,123.75. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock valued at $140,384 in the last ninety days. 1.80% of the stock is owned by company insiders.

Immunovant Trading Up 3.6%

IMVT opened at $16.23 on Friday. The business has a 50 day moving average of $15.85 and a 200-day moving average of $15.94. The stock has a market capitalization of $2.83 billion, a price-to-earnings ratio of -5.69 and a beta of 0.45. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $32.10.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter last year, the firm earned ($0.60) EPS. Equities analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

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.

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