Canada Pension Plan Investment Board Has $3.12 Million Holdings 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 boosted its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 91.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 182,500 shares of the company's stock after acquiring an additional 87,300 shares during the quarter. Canada Pension Plan Investment Board owned 0.11% of Immunovant worth $3,119,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Immunovant by 21.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after purchasing an additional 1,037 shares during the period. Banque Pictet & Cie SA increased its position in shares of Immunovant by 1.3% during the 1st quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock valued at $2,519,000 after purchasing an additional 1,917 shares during the period. FNY Investment Advisers LLC acquired a new position in shares of Immunovant during the 1st quarter valued at $34,000. BI Asset Management Fondsmaeglerselskab A S acquired a new position in shares of Immunovant during the 1st quarter valued at $37,000. Finally, Covestor Ltd increased its position in shares of Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after purchasing an additional 2,455 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Immunovant Stock Performance

Shares of Immunovant stock traded up $1.02 during trading on Friday, reaching $17.14. The company's stock had a trading volume of 2,073,404 shares, compared to its average volume of 1,325,247. The business's fifty day moving average price is $16.31 and its 200-day moving average price is $16.34. The firm has a market cap of $2.99 billion, a price-to-earnings ratio of -6.01 and a beta of 0.45. Immunovant, Inc. has a one year low of $12.72 and a one year high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.60) EPS for the quarter, topping analysts' consensus estimates of ($0.69) by $0.09. During the same period in the prior year, the business earned ($0.60) earnings per share. Sell-side analysts anticipate that Immunovant, Inc. will post -2.69 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on IMVT. Bank of America lowered their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. reduced their price objective on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Tuesday, August 12th. HC Wainwright reaffirmed a "buy" rating and issued a $35.00 target price on shares of Immunovant in a research report on Thursday. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, July 10th. Finally, Citigroup reissued a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. 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 company. According to data from MarketBeat.com, Immunovant currently has a consensus rating of "Moderate Buy" and an average target price of $33.60.

Insider Transactions at Immunovant

In related news, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The stock was 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. This trade represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of Immunovant stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value 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. 1.80% of the stock is owned by company insiders.

Immunovant 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.