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. trimmed its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 89.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm 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 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. FNY Investment Advisers LLC acquired a new position in Immunovant in the first quarter valued at about $34,000. Headlands Technologies LLC acquired a new position in Immunovant in the first quarter valued at about $51,000. Covestor Ltd grew its stake in Immunovant by 187.5% in the first quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after acquiring an additional 2,455 shares during the period. GF Fund Management CO. LTD. acquired a new position in Immunovant in the fourth quarter valued at about $76,000. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Immunovant by 21.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after acquiring an additional 1,037 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Stock Performance

IMVT traded up $1.02 on Friday, hitting $17.14. 2,073,404 shares of the company were exchanged, compared to its average volume of 1,396,589. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The company has a market cap of $2.99 billion, a PE ratio of -6.01 and a beta of 0.45. The stock's fifty day moving average is $16.31 and its 200-day moving average is $16.32.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Monday, August 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.69) by $0.09. During the same period in the prior year, the business posted ($0.60) EPS. As a group, equities research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on IMVT shares. UBS Group boosted their target price on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price target on the stock in a report on Thursday, July 10th. JPMorgan Chase & Co. cut their price target on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a report on Tuesday, August 12th. Citigroup restated a "buy" rating on shares of Immunovant in a report on Monday, August 11th. Finally, Bank of America cut their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Insider Activity

In related news, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the sale, the chief technology officer owned 204,919 shares in the company, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Michael Geffner sold 2,385 shares of the company'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 sale, the insider owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock worth $140,384 in the last quarter. 1.80% of the stock is currently owned by corporate insiders.

Immunovant Company 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.