JPMorgan Chase & Co. Sells 402,933 Shares of Immunovant, Inc. $IMVT

Key Points

• JPMorgan Chase cut its stake in Immunovant by 84.2%, selling 402,933 shares in Q3 and ending the period with 75,330 shares valued at about $1.214 million.
• Insiders sold 19,083 shares in the last quarter (including CTO Jay S. Stout and Tuyl Christopher Van), leaving insiders with roughly 1.80% ownership while institutional investors own about 47.08% of the company.
• Analysts show mixed views but a consensus Hold rating with a $32 target (6 Buys, 4 Holds, 1 Sell); IMVT trades near $25.65, has a $5.22 billion market cap and negative earnings (P/E -9.54).

JPMorgan Chase & Co. decreased its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 84.2% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 75,330 shares of the company's stock after selling 402,933 shares during the period. JPMorgan Chase & Co.'s holdings in Immunovant were worth $1,214,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently bought and sold shares of the business. Granahan Investment Management LLC raised its holdings in Immunovant by 24.9% in the third quarter. Granahan Investment Management LLC now owns 266,221 shares of the company's stock worth $4,291,000 after purchasing an additional 53,133 shares in the last quarter. Alpine Global Management LLC raised its holdings in Immunovant by 4.9% in the third quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company's stock worth $44,406,000 after purchasing an additional 128,039 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in Immunovant in the third quarter worth about $3,308,000. Aberdeen Group plc raised its holdings in Immunovant by 16.2% in the third quarter. Aberdeen Group plc now owns 981,804 shares of the company's stock worth $15,827,000 after purchasing an additional 137,099 shares in the last quarter. Finally, SG Americas Securities LLC raised its holdings in Immunovant by 679.7% in the third quarter. SG Americas Securities LLC now owns 62,598 shares of the company's stock worth $1,009,000 after purchasing an additional 54,570 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Activity

In other news, CTO Jay S. Stout sold 1,977 shares of the business's stock in a transaction dated Wednesday, January 21st. The shares were sold at an average price of $26.03, for a total transaction of $51,461.31. Following the transaction, the chief technology officer owned 197,634 shares of the company's stock, valued at approximately $5,144,413.02. The trade was a 0.99% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Tuyl Christopher Van sold 2,877 shares of the business's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $24.97, for a total transaction of $71,838.69. Following the transaction, the insider directly owned 147,053 shares in the company, valued at approximately $3,671,913.41. The trade was a 1.92% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 19,083 shares of company stock valued at $466,219. 1.80% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

IMVT has been the subject of a number of recent research reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Immunovant in a report on Friday, January 9th. Guggenheim upped their price target on Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, February 9th. Truist Financial upped their price target on Immunovant from $16.00 to $22.00 and gave the stock a "hold" rating in a research report on Thursday, January 8th. The Goldman Sachs Group upped their price target on Immunovant from $18.00 to $28.00 and gave the stock a "neutral" rating in a research report on Monday, December 15th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $35.00 price target on shares of Immunovant in a research report on Tuesday, February 10th. Six analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Immunovant presently has a consensus rating of "Hold" and a consensus target price of $32.00.

Immunovant Stock Performance

Immunovant stock opened at $25.65 on Friday. Immunovant, Inc. has a 1 year low of $13.36 and a 1 year high of $29.25. The company's fifty day moving average price is $25.63 and its 200 day moving average price is $23.74. The stock has a market capitalization of $5.22 billion, a P/E ratio of -9.54 and a beta of 0.67.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same period last year, the firm earned ($0.76) EPS. Sell-side analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

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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