Immunovant, Inc. $IMVT Shares Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its stake in Immunovant by 43.7% in Q4, selling 295,735 shares and leaving it with 380,842 shares valued at about $9.68 million, while institutional investors collectively own roughly 47.08% of the company.
• Insiders have been net sellers, offloading 72,141 shares worth about $1.92 million over the past 90 days—including CEO Eric Venker’s sale of 14,229 shares (a 42.11% reduction) and other sales to cover tax withholding—leaving insiders with about 1.8% ownership.
• Analysts show a mixed outlook with a consensus rating of "Hold" and an average target of $32.44; the stock recently traded near $27.12, has a market cap of $5.52 billion and a negative P/E (-10.08).

Pictet Asset Management Holding SA lowered its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 43.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 380,842 shares of the company's stock after selling 295,735 shares during the period. Pictet Asset Management Holding SA owned 0.22% of Immunovant worth $9,681,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of IMVT. Granahan Investment Management LLC grew its holdings in shares of Immunovant by 24.9% during the 3rd quarter. Granahan Investment Management LLC now owns 266,221 shares of the company's stock valued at $4,291,000 after acquiring an additional 53,133 shares in the last quarter. Alpine Global Management LLC grew its holdings in shares of Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company's stock valued at $44,406,000 after acquiring an additional 128,039 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Immunovant during the 4th quarter valued at $1,823,000. Aberdeen Group plc grew its holdings in shares of Immunovant by 16.2% during the 3rd quarter. Aberdeen Group plc now owns 981,804 shares of the company's stock valued at $15,827,000 after acquiring an additional 137,099 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of Immunovant by 679.7% in the 3rd quarter. SG Americas Securities LLC now owns 62,598 shares of the company's stock valued at $1,009,000 after purchasing an additional 54,570 shares during the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on IMVT shares. Truist Financial lifted their price objective on shares of Immunovant from $16.00 to $22.00 and gave the company a "hold" rating in a research note on Thursday, January 8th. Sanford C. Bernstein started coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a "market perform" rating and a $28.00 price objective for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immunovant in a research note on Wednesday, April 8th. HC Wainwright reaffirmed a "buy" rating and issued a $35.00 price objective on shares of Immunovant in a research note on Tuesday, February 10th. Finally, Guggenheim lifted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the company a "buy" rating in a research note on Monday, February 9th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Immunovant currently has a consensus rating of "Hold" and an average target price of $32.44.

Immunovant Trading Down 0.1%

IMVT stock opened at $27.12 on Friday. The firm has a market cap of $5.52 billion, a PE ratio of -10.08 and a beta of 0.70. Immunovant, Inc. has a 1 year low of $13.36 and a 1 year high of $30.09. The company has a fifty day simple moving average of $26.09 and a 200 day simple moving average of $24.98.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping analysts' consensus estimates of ($0.72) by $0.11. During the same quarter last year, the business posted ($0.76) EPS. As a group, analysts forecast that Immunovant, Inc. will post -2.67 EPS for the current fiscal year.

Insider Activity

In other Immunovant news, insider Tuyl Christopher Van sold 5,165 shares of the business's stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total transaction of $128,246.95. Following the completion of the transaction, the insider owned 183,231 shares of the company's stock, valued at $4,549,625.73. The trade was a 2.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 14,229 shares of the business's stock in a transaction on Thursday, April 2nd. The stock was sold at an average price of $24.10, for a total transaction of $342,918.90. Following the transaction, the chief executive officer directly owned 19,561 shares of the company's stock, valued at approximately $471,420.10. This represents a 42.11% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 72,141 shares of company stock worth $1,923,713. Insiders own 1.80% of the company's stock.

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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