Deutsche Bank AG Boosts Holdings in Immunovant, Inc. $IMVT

Key Points

• Deutsche Bank AG increased its stake in Immunovant, Inc. by 147.2% during the first quarter, holding 411,509 shares valued at approximately $7 million.
• Citigroup and other major firms have given Immunovant a range of ratings, with Citigroup maintaining a "buy" rating, while JPMorgan Chase lowered its price target from $40 to $37.
• Insider activity was noted, with key insiders selling shares at an average price of $18.15, reflecting a modest decrease in their holdings.

Deutsche Bank AG increased its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 147.2% in the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 411,509 shares of the company's stock after buying an additional 245,037 shares during the quarter. Deutsche Bank AG owned about 0.24% of Immunovant worth $7,033,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of IMVT. Mirae Asset Global Investments Co. Ltd. grew its stake 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. Bank of America Corp DE grew its stake in shares of Immunovant by 50.4% during the 4th quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock valued at $8,460,000 after purchasing an additional 114,511 shares during the period. Rhumbline Advisers grew its stake in shares of Immunovant by 3.2% during the 1st quarter. Rhumbline Advisers now owns 83,555 shares of the company's stock valued at $1,428,000 after purchasing an additional 2,623 shares during the period. Wells Fargo & Company MN grew its stake in shares of Immunovant by 50.0% during the 4th quarter. Wells Fargo & Company MN now owns 28,063 shares of the company's stock valued at $695,000 after purchasing an additional 9,349 shares during the period. Finally, Northern Trust Corp grew its stake in shares of Immunovant by 4.0% during the 4th quarter. Northern Trust Corp now owns 527,367 shares of the company's stock valued at $13,063,000 after purchasing an additional 20,377 shares during the period. 47.08% of the stock is currently owned by institutional investors.

Immunovant Price Performance

Shares of IMVT stock traded up $0.02 during trading hours on Thursday, reaching $14.84. 1,096,830 shares of the company traded hands, compared to its average volume of 1,357,047. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The company has a market cap of $2.59 billion, a P/E ratio of -5.21 and a beta of 0.66. The firm has a 50-day moving average price of $16.39 and a 200 day moving average price of $16.75.

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

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. The trade was a 1.35% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of 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 disclosure for this sale can be found here. Over the last three months, insiders sold 7,869 shares of company stock worth $140,384. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IMVT shares. JPMorgan Chase & Co. cut their price target on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research note on Tuesday, August 12th. UBS Group boosted their price target on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Citigroup restated a "buy" rating on shares of Immunovant in a research note on Monday, August 11th. Bank of America cut their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research note on Tuesday, August 12th. Finally, The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research report on Thursday, July 10th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $35.20.

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.