Immunovant, Inc. (NASDAQ:IMVT) Position Lifted by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Immunovant, Inc. by 54.4%, acquiring an additional 128,345 shares and holding approximately 0.21% of the company valued at $6.2 million.
• Wall Street analysts have mixed ratings on Immunovant, with a majority giving a rating of "moderate buy" and an average price target of $35.20.
• Shares of Immunovant opened at $15.21, showing a market capitalization of $2.60 billion and reporting a 12-month high of $34.47.

Connor Clark & Lunn Investment Management Ltd. increased its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 54.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 364,229 shares of the company's stock after acquiring an additional 128,345 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of Immunovant worth $6,225,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC purchased a new stake in shares of Immunovant in the first quarter valued at approximately $34,000. Headlands Technologies LLC purchased a new stake in shares of Immunovant during the first quarter valued at $51,000. GF Fund Management CO. LTD. purchased a new stake in shares of Immunovant during the fourth quarter valued at $76,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Immunovant by 21.2% in the first 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 last quarter. Finally, Ameriprise Financial Inc. purchased a new stake in Immunovant in the fourth quarter valued at $221,000. Hedge funds and other institutional investors own 47.08% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. 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. Citigroup restated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. UBS Group upped their price target on shares of Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research report on Monday, July 28th. Bank of America reduced their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. Three research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Immunovant currently has a consensus rating of "Moderate Buy" and a consensus target price of $35.20.

Immunovant Price Performance

Shares of Immunovant stock traded up $0.02 during trading on Friday, hitting $15.22. 1,781,359 shares of the stock were exchanged, compared to its average volume of 1,284,310. The stock has a market cap of $2.65 billion, a price-to-earnings ratio of -5.34 and a beta of 0.66. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The firm's 50-day moving average price is $16.50 and its 200 day moving average price is $16.90.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.69) by $0.09. During the same quarter last year, the business earned ($0.60) EPS. As a group, research analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 2,805 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares of the company's stock, valued at $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Michael Geffner sold 2,385 shares of the company'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 completion of the transaction, the insider 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 disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock worth $140,384 in the last three months. Insiders own 1.80% of the company's stock.

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.