Dimensional Fund Advisors LP Sells 103,356 Shares of Immunovant, Inc. $IMVT

Key Points

• Dimensional Fund Advisors cut its Immunovant stake by 64.4%, selling 103,356 shares and retaining 57,086 shares valued at approximately $1.42 million. Institutional investors collectively own 47.08% of the company.
• Immunovant insiders sold 324,810 shares worth roughly $11.35 million over the past three months, including substantial sales by the company’s CTO and COO.
• Analysts maintain a Moderate Buy consensus with a $44 average price target, while the stock recently traded at $41.82. The company’s latest quarterly loss of $0.75 per share missed estimates, although revenue matched expectations at $7.09 million.

Dimensional Fund Advisors LP lessened its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 64.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 57,086 shares of the company's stock after selling 103,356 shares during the period. Dimensional Fund Advisors LP's holdings in Immunovant were worth $1,418,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Geneos Wealth Management Inc. purchased a new stake in Immunovant in the fourth quarter worth about $25,000. Strs Ohio bought a new stake in Immunovant in the first quarter worth $27,000. PNC Financial Services Group Inc. boosted its holdings in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock worth $46,000 after acquiring an additional 1,646 shares in the last quarter. Quarry LP grew its stake in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company's stock worth $76,000 after acquiring an additional 1,461 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company's stock worth $98,000 after acquiring an additional 4,273 shares during the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Immunovant

In other news, CTO Jay S. Stout sold 40,000 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $1,532,400.00. Following the sale, the chief technology officer directly owned 211,685 shares in the company, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Melanie Gloria sold 17,714 shares of Immunovant stock in a transaction on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $678,623.34. Following the sale, the chief operating officer owned 224,393 shares of the company's stock, valued at approximately $8,596,495.83. This trade represents a 7.32% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 324,810 shares of company stock valued at $11,350,166 over the last three months. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several analysts recently commented on the stock. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a research report on Monday, July 6th. Truist Financial lifted their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a report on Friday, May 22nd. Citigroup upped their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Tuesday, June 30th. Sanford C. Bernstein upgraded shares of Immunovant to a "hold" rating in a report on Wednesday, July 29th. Finally, Guggenheim raised their price target on shares of Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. Six research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.00.

Immunovant Stock Performance

NASDAQ:IMVT opened at $41.82 on Friday. The company has a market capitalization of $8.64 billion, a P/E ratio of -14.83 and a beta of 0.77. Immunovant, Inc. has a 12 month low of $14.47 and a 12 month high of $42.92. The business's 50-day moving average is $38.19 and its 200 day moving average is $31.12.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to the consensus estimate of $7.09 million. During the same quarter in the previous year, the company earned ($0.71) EPS. On average, research analysts forecast that Immunovant, Inc. will post -2.72 earnings per share for the current year.

Immunovant Profile

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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