Hennion & Walsh Asset Management Inc. Has $4.65 Million Stock Holdings in Immunovant, Inc. $IMVT

Key Points

• Hennion & Walsh Asset Management increased its Immunovant stake by 32.6% in the second quarter, holding 120,686 shares valued at approximately $4.65 million. Institutional investors and hedge funds collectively own 47.08% of IMVT.
• Analysts maintain a generally positive outlook, with six Buy, three Hold, and one Sell rating. The consensus rating is “Moderate Buy,” with an average price target of $44, while individual targets range as high as $61.
• Immunovant shares opened at $39.95, near their 12-month high of $41.23, but the company reported a quarterly loss of $0.75 per share—worse than the expected $0.63 loss. Company insiders sold 324,810 shares worth about $11.35 million over the past 90 days.

Hennion & Walsh Asset Management Inc. boosted its position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 32.6% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 120,686 shares of the company's stock after acquiring an additional 29,677 shares during the period. Hennion & Walsh Asset Management Inc. owned 0.06% of Immunovant worth $4,650,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Immunovant in the 4th quarter valued at about $17,806,000. Renaissance Technologies LLC acquired a new stake in shares of Immunovant during the 1st quarter worth approximately $4,782,000. Two Seas Capital LP raised its stake in shares of Immunovant by 3.8% during the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company's stock worth $72,878,000 after buying an additional 104,922 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in shares of Immunovant by 24.0% during the first quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company's stock worth $11,734,000 after buying an additional 91,539 shares during the last quarter. Finally, Profund Advisors LLC lifted its holdings in Immunovant by 120.4% in the fourth quarter. Profund Advisors LLC now owns 49,076 shares of the company's stock valued at $1,248,000 after buying an additional 26,810 shares during the period. 47.08% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IMVT has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immunovant in a research note on Monday, July 6th. Truist Financial raised their price target on Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a research report on Friday, May 22nd. The Goldman Sachs Group lifted their price objective on Immunovant from $29.00 to $32.00 and gave the stock a "neutral" rating in a research note on Wednesday, April 15th. Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a research note on Wednesday, July 29th. Finally, Citigroup lifted their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research report on Tuesday, June 30th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

Insider Activity at Immunovant

In other Immunovant news, CFO Tiago Girao sold 10,000 shares of the company's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.46, for a total transaction of $384,600.00. Following the completion of the transaction, the chief financial officer owned 247,596 shares of the company's stock, valued at $9,522,542.16. This represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Jay S. Stout sold 40,000 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total transaction of $1,532,400.00. Following the transaction, the chief technology officer directly owned 211,685 shares of the company's stock, valued at $8,109,652.35. This represents a 15.89% 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 ninety days. Company insiders own 1.90% of the company's stock.

Immunovant Price Performance

Shares of IMVT stock opened at $39.95 on Monday. Immunovant, Inc. has a 12-month low of $14.32 and a 12-month high of $41.23. The firm has a fifty day moving average of $37.23 and a 200-day moving average of $30.62. The company has a market capitalization of $8.25 billion, a price-to-earnings ratio of -14.17 and a beta of 0.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts' expectations of $7.09 million. During the same period in the previous year, the firm posted ($0.71) earnings per share. On average, equities analysts expect that Immunovant, Inc. will post -2.65 EPS for the current year.

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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