BlackRock Inc. Purchases New Shares in Immunovant, Inc. $IMVT

Key Points

• BlackRock acquired 7.18 million Immunovant shares worth approximately $276.7 million, giving it a 3.48% stake. Institutional investors collectively own 47.08% of the company.
• Analysts maintain a generally positive outlook, with seven Buy ratings, three Holds and one Sell; the stock has a “Moderate Buy” consensus and an average price target of $44.
• Immunovant shares opened at $43.89, near their 12-month high of $45.42. The company reported quarterly revenue of $7.09 million but missed EPS estimates, posting a loss of $0.75 per share versus the expected $0.63 loss.

BlackRock Inc. acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 7,180,897 shares of the company's stock, valued at approximately $276,680,000. BlackRock Inc. owned approximately 3.48% of Immunovant at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the company. RTW Investments LP bought a new stake in shares of Immunovant in the fourth quarter valued at about $80,781,000. Morgan Stanley increased its position in Immunovant by 147.4% during the fourth quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after acquiring an additional 2,887,359 shares during the period. Jennison Associates LLC increased its position in Immunovant by 356.4% during the first quarter. Jennison Associates LLC now owns 3,196,705 shares of the company's stock worth $79,406,000 after acquiring an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC increased its position in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock worth $36,137,000 after acquiring an additional 1,706,687 shares during the period. Finally, Logos Global Management LP raised its stake in Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company's stock worth $34,952,000 after purchasing an additional 1,100,000 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Activity

In related news, Director Atul Pande sold 1,500 shares of the firm's stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.01, for a total transaction of $57,015.00. Following the sale, the director owned 116,731 shares of the company's stock, valued at $4,436,945.31. This trade represents a 1.27% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Melanie Gloria sold 2,036 shares of the business's stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $80,523.80. Following the sale, the chief operating officer owned 222,357 shares in the company, valued at $8,794,219.35. This represents a 0.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 96,859 shares of company stock valued at $3,720,588. 1.90% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

IMVT has been the topic of a number of analyst reports. Citigroup increased their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Truist Financial lifted their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a research report on Friday, May 22nd. HC Wainwright boosted their price target on Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Bank of America increased their price target on Immunovant from $32.00 to $43.00 and gave the stock a "buy" rating in a research report on Thursday, May 21st. Finally, JPMorgan Chase & Co. raised their price objective on Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $44.00.

Immunovant Trading Up 0.9%

IMVT stock opened at $43.89 on Thursday. The firm has a 50-day moving average price of $40.00 and a 200-day moving average price of $32.18. Immunovant, Inc. has a 12 month low of $14.47 and a 12 month high of $45.42. The stock has a market capitalization of $9.07 billion, a P/E ratio of -15.56 and a beta of 0.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the company posted ($0.71) EPS. As a group, equities analysts predict that Immunovant, Inc. will post -2.9 EPS for the current fiscal year.

Immunovant Profile

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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