Deutsche Bank AG Invests $3.80 Million in Immunovant, Inc. $IMVT

Key Points

• Deutsche Bank acquired a new $3.8 million position in Immunovant during the second quarter, joining other institutions that have significantly increased their holdings. Institutional investors now own 47.08% of the company.
• Immunovant shares opened at $43.50, near their 12-month high of $45.42. The company reported a quarterly loss of $0.75 per share, missing analyst expectations of a $0.63 loss, while revenue matched forecasts at $7.09 million.
• Analyst sentiment remains broadly positive, with seven Buy, three Hold, and one Sell rating, producing a consensus “Moderate Buy” rating and an average price target of $44.00. Recent target increases included Citigroup’s move to $61 and Bank of America’s move to $43.

Deutsche Bank AG purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 98,595 shares of the company's stock, valued at approximately $3,799,000.

Several other institutional investors have also added to or reduced their stakes in the company. RTW Investments LP acquired a new position 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 raised its stake in Immunovant by 356.4% in the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company's stock worth $79,406,000 after purchasing an additional 2,496,241 shares in the last quarter. ADAR1 Capital Management LLC raised its stake in Immunovant by 319.0% in the 3rd quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company's stock worth $36,137,000 after purchasing an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP boosted its holdings in Immunovant by 400.0% in the 4th quarter. Logos Global Management LP now owns 1,375,000 shares of the company's stock valued at $34,952,000 after purchasing an additional 1,100,000 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Stock Up 0.4%

IMVT opened at $43.50 on Wednesday. The stock has a market capitalization of $8.98 billion, a price-to-earnings ratio of -15.43 and a beta of 0.77. Immunovant, Inc. has a twelve month low of $14.47 and a twelve month high of $45.42. The company has a 50-day simple moving average of $39.82 and a 200 day simple moving average of $32.04.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The business had revenue of $7.09 million for the quarter, compared to analysts' expectations of $7.09 million. During the same quarter in the prior year, the company posted ($0.71) earnings per share. Sell-side analysts anticipate that Immunovant, Inc. will post -2.9 EPS for the current fiscal year.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Eric Venker sold 3,092 shares of the business's stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total transaction of $118,980.16. Following the completion of the transaction, the chief executive officer directly owned 254,280 shares in the company, valued at $9,784,694.40. The trade was a 1.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 1,206 shares of the company'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 $47,697.30. Following the sale, the insider owned 179,391 shares of the company's stock, valued at $7,094,914.05. The trade was a 0.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 318,810 shares of company stock worth $11,158,166 in the last three months. Company insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. Citigroup raised their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a report on Tuesday, June 30th. Bank of America boosted their price target on Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Cantor Fitzgerald reissued an "overweight" rating on shares of Immunovant in a research report on Tuesday. Weiss Ratings restated a "sell (d-)" rating on shares of Immunovant in a research note on Monday, July 6th. Finally, Sanford C. Bernstein raised Immunovant to a "hold" rating in a report on Wednesday, July 29th. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $44.00.

About Immunovant

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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