Immunovant, Inc. $IMVT Stock Holdings Lessened by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management reduced its Immunovant stake by 18.8% in the second quarter, selling 26,626 shares and retaining 115,102 shares valued at approximately $4.4 million. Institutional investors collectively own 47.08% of the company.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $44.00. Recent firms raised their targets, including Citigroup to $61 and JPMorgan to $50.
• Immunovant reported a quarterly loss of $0.75 per share, missing the $0.63 consensus estimate, while revenue of $7.09 million matched expectations. The stock opened at $38.75, below its 52-week high of $45.42.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC cut its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 18.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 115,102 shares of the company's stock after selling 26,626 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.06% of Immunovant worth $4,435,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new position in Immunovant in the second quarter worth about $276,680,000. RTW Investments LP acquired a new stake in shares of Immunovant during the 4th quarter worth approximately $80,781,000. Two Seas Capital LP acquired a new stake in shares of Immunovant during the 2nd quarter worth approximately $121,312,000. Morgan Stanley lifted its holdings in shares of Immunovant by 147.4% in the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company's stock worth $123,195,000 after purchasing an additional 2,887,359 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of 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 during the last quarter. Institutional investors own 47.08% of the company's stock.

Analyst Ratings Changes

IMVT has been the subject of a number of recent research reports. Sanford C. Bernstein upgraded Immunovant to a "hold" rating in a research note on Wednesday, July 29th. Citigroup boosted their price target on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. upped their price target on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. Finally, Bank of America lifted their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Seven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $44.00.

Insider Buying and Selling

In related news, CEO Eric Venker sold 3,092 shares of the company'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 value of $118,980.16. Following the completion of the sale, the chief executive officer owned 254,280 shares in the company, valued at approximately $9,784,694.40. This represents a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 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 completion of 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 position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 98,359 shares of company stock valued at $3,785,493. Company insiders own 1.90% of the company's stock.

Immunovant Stock Down 2.1%

Shares of Immunovant stock opened at $38.75 on Thursday. Immunovant, Inc. has a 12-month low of $14.58 and a 12-month high of $45.42. The firm has a market capitalization of $8.00 billion, a PE ratio of -13.74 and a beta of 0.81. The stock's fifty day moving average is $40.49 and its 200-day moving average is $33.15.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly 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 during the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the business earned ($0.71) EPS. Analysts expect that Immunovant, Inc. will post -2.96 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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