Invesco Ltd. Sells 448,720 Shares of Immunovant, Inc. $IMVT

Key Points

• Invesco Ltd. has reduced its holdings in Immunovant, Inc. by 89.0%, now owning 55,312 shares worth approximately $945,000.
• Analyst ratings for Immunovant show a mix of optimism, with a consensus rating of "Moderate Buy" and a target price of $35.20.
• Immunovant recently reported $0.60 earnings per share, exceeding analysts' estimates of ($0.69) per share for the quarter.

Invesco Ltd. lessened its position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 89.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 55,312 shares of the company's stock after selling 448,720 shares during the period. Invesco Ltd.'s holdings in Immunovant were worth $945,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Immunovant by 3.9% in the 1st quarter. Vanguard Group Inc. now owns 6,936,859 shares of the company's stock worth $118,551,000 after buying an additional 257,445 shares in the last quarter. Deep Track Capital LP raised its stake in shares of Immunovant by 38.0% in the 4th quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock worth $148,620,000 after buying an additional 1,652,536 shares in the last quarter. Two Seas Capital LP raised its stake in shares of Immunovant by 123.4% in the 4th quarter. Two Seas Capital LP now owns 1,511,614 shares of the company's stock worth $37,443,000 after buying an additional 835,000 shares in the last quarter. Stempoint Capital LP raised its stake in shares of Immunovant by 28.4% in the 4th quarter. Stempoint Capital LP now owns 1,118,508 shares of the company's stock worth $27,705,000 after buying an additional 247,507 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Immunovant by 11.0% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 626,612 shares of the company's stock worth $10,709,000 after buying an additional 62,170 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on IMVT shares. UBS Group boosted their price objective on Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a research note on Monday, July 28th. Bank of America dropped their price objective on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. JPMorgan Chase & Co. cut their target price on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $35.00 target price on shares of Immunovant in a research report on Thursday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Immunovant has a consensus rating of "Moderate Buy" and a consensus price target of $33.60.

Insider Transactions at Immunovant

In other Immunovant news, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the transaction, the insider owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the transaction, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. This trade represents a 1.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 7,869 shares of company stock worth $140,384 in the last 90 days. Corporate insiders own 1.80% of the company's stock.

Immunovant Stock Performance

Shares of IMVT stock traded up $1.02 on Friday, reaching $17.14. 2,073,404 shares of the company's stock traded hands, compared to its average volume of 1,472,495. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The company has a market capitalization of $2.99 billion, a P/E ratio of -6.01 and a beta of 0.45. The business's 50 day moving average price is $16.29 and its two-hundred day moving average price is $16.40.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results 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 company posted ($0.60) EPS. Research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

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.