Knott David M Jr Sells 69,557 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Key Points

• Knott David M Jr sold 69,557 shares of Immunovant, Inc., reducing his holdings by 75.6%, leaving him with 22,443 shares valued at approximately $384,000.
• Various institutional investors have been active, with Mirae Asset Global Investments increasing its holdings by 21.2%, while Covestor Ltd saw a remarkable 187.5% increase in its position during the same period.
• Analysts have upgraded Immunovant, with Goldman Sachs changing its rating to "hold" and setting a target price of $18.00, while the average target price for the stock is currently $35.33.

Knott David M Jr cut its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 75.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,443 shares of the company's stock after selling 69,557 shares during the period. Knott David M Jr's holdings in Immunovant were worth $384,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Immunovant by 21.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock worth $109,000 after acquiring an additional 1,037 shares during the period. Banque Pictet & Cie SA boosted its position in Immunovant by 1.3% in the first quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock worth $2,519,000 after purchasing an additional 1,917 shares during the last quarter. FNY Investment Advisers LLC purchased a new position in Immunovant in the first quarter worth about $34,000. MetLife Investment Management LLC grew its stake in shares of Immunovant by 6.1% during the 4th quarter. MetLife Investment Management LLC now owns 35,648 shares of the company's stock valued at $883,000 after purchasing an additional 2,040 shares during the period. Finally, Covestor Ltd increased its position in shares of Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock valued at $64,000 after purchasing an additional 2,455 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CTO Jay S. Stout sold 2,805 shares of the stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the transaction, the chief technology officer directly owned 204,919 shares of the company's stock, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the completion of the sale, the insider directly owned 221,825 shares in the company, valued at approximately $4,026,123.75. The trade was a 1.06% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 7,869 shares of company stock valued at $140,384. 1.80% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently issued reports on IMVT shares. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, July 10th. UBS Group boosted their price objective on shares of Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Immunovant presently has an average rating of "Moderate Buy" and an average price target of $35.33.

Immunovant Stock Down 1.7%

NASDAQ:IMVT opened at $15.46 on Monday. The business's 50-day simple moving average is $16.55 and its two-hundred day simple moving average is $17.11. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $34.47. The stock has a market cap of $2.64 billion, a PE ratio of -5.64 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Tuesday, August 12th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.69) by $0.09. Sell-side analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

About Immunovant

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.

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