Canada Pension Plan Investment Board Has $3.12 Million Position in Immunovant, Inc. $IMVT

Key Points

• The Canada Pension Plan Investment Board increased its stake in Immunovant, Inc. by 91.7%, owning approximately 182,500 shares valued at $3.12 million as of the latest report.
• Insider transactions included sales of over 7,800 shares by company executives, with significant stake reductions reported by CTO Jay S. Stout and insider Michael Geffner.
• Immunovant's stock is currently trading at $16.70, with a market cap of $2.91 billion and an estimated negative earnings per share of -$2.69 for the current fiscal year.

Canada Pension Plan Investment Board lifted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 91.7% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 182,500 shares of the company's stock after buying an additional 87,300 shares during the period. Canada Pension Plan Investment Board owned approximately 0.11% of Immunovant worth $3,119,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. lifted its position in Immunovant by 3.9% in the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock worth $118,551,000 after purchasing an additional 257,445 shares during the period. Deep Track Capital LP lifted its position in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock worth $148,620,000 after purchasing an additional 1,652,536 shares during the period. T. Rowe Price Investment Management Inc. lifted its position 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 worth $100,743,000 after purchasing an additional 777,590 shares during the period. Two Seas Capital LP lifted its position in Immunovant by 123.4% in the fourth quarter. Two Seas Capital LP now owns 1,511,614 shares of the company's stock worth $37,443,000 after purchasing an additional 835,000 shares during the period. Finally, Stempoint Capital LP lifted its position in Immunovant by 28.4% in the fourth quarter. Stempoint Capital LP now owns 1,118,508 shares of the company's stock worth $27,705,000 after purchasing an additional 247,507 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $0.05 during trading on Tuesday, hitting $16.42. The company had a trading volume of 272,175 shares, compared to its average volume of 1,464,583. The company has a market cap of $2.86 billion, a P/E ratio of -5.75 and a beta of 0.45. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $32.10. The business's 50-day moving average is $16.32 and its 200 day moving average is $16.28.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same period in the prior year, the firm posted ($0.60) earnings per share. On average, research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the sale, the insider directly owned 221,825 shares of the company's stock, valued at $4,026,123.75. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the sale, the chief technology officer directly owned 204,919 shares in the company, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 7,869 shares of company stock worth $140,384. Company insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. HC Wainwright restated a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research report on Thursday, September 4th. Bank of America cut their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Citigroup restated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price target on the stock in a report on Thursday, July 10th. Finally, UBS Group upped their price target on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. One 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 company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $33.60.

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.