Charles Schwab Investment Management Inc. Grows Position in Immunovant, Inc. $IMVT

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Immunovant, Inc. by 11.0% during Q1, now holding approximately 626,612 shares worth $10.7 million.
• Recent analysts' reports have influenced stock ratings and price targets, with JPMorgan lowering its target from $40.00 to $37.00, while UBS Group raised theirs from $17.00 to $18.00.
• Immunovant's stock has experienced fluctuations, opening at $15.24 and reaching a twelve-month high of $34.47, with earnings per share reported at ($0.60), slightly better than expectations.

Charles Schwab Investment Management Inc. boosted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 11.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 626,612 shares of the company's stock after purchasing an additional 62,170 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.37% of Immunovant worth $10,709,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Immunovant by 3.9% during the first quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock valued at $118,551,000 after purchasing an additional 257,445 shares in the last quarter. ABC Arbitrage SA raised its stake in Immunovant by 26.4% during the first quarter. ABC Arbitrage SA now owns 37,449 shares of the company's stock valued at $640,000 after purchasing an additional 7,810 shares in the last quarter. Privium Fund Management B.V. purchased a new stake in Immunovant during the first quarter valued at $1,230,000. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Immunovant by 66.3% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,044 shares of the company's stock valued at $223,000 after purchasing an additional 5,200 shares in the last quarter. Finally, TD Asset Management Inc raised its stake in Immunovant by 19.8% during the first quarter. TD Asset Management Inc now owns 182,398 shares of the company's stock valued at $3,117,000 after purchasing an additional 30,152 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Immunovant Trading Up 2.7%

Shares of IMVT opened at $15.24 on Monday. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $34.47. The company has a market cap of $2.66 billion, a P/E ratio of -5.35 and a beta of 0.66. The company's fifty day simple moving average is $16.38 and its 200-day simple moving average is $16.64.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the previous year, the company posted ($0.60) earnings per share. Analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently issued reports on IMVT. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. UBS Group upped their price target on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. JPMorgan Chase & Co. decreased their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. Bank of America reduced their target price on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, The Goldman Sachs Group raised shares of Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research note on Thursday, July 10th. 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $35.20.

Insider Transactions at Immunovant

In other news, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider directly owned 221,825 shares in the company, valued at approximately $4,026,123.75. This represents a 1.06% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the company'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 completion of the transaction, the chief technology officer owned 204,919 shares in the company, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 7,869 shares of company stock worth $140,384. Company insiders own 1.80% of the company's stock.

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.

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