Legal & General Group Plc Invests $2.61 Million in Immunovant, Inc. $IMVT

Key Points

• Legal & General acquired 67,717 Immunovant shares worth approximately $2.61 million in the second quarter. Institutional investors collectively own 47.08% of IMVT.
• Immunovant reported a quarterly loss of $0.75 per share, missing the $0.63 consensus estimate, while revenue of $7.09 million matched expectations. Analysts expect a full-year loss of $2.96 per share.
• Analyst sentiment remains positive, with seven Buy, three Hold, and one Sell rating, producing a consensus “Moderate Buy” rating and an average price target of $44.00.

Legal & General Group Plc acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 67,717 shares of the company's stock, valued at approximately $2,609,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company's stock worth $708,000 after purchasing an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Immunovant by 48.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock valued at $17,222,000 after purchasing an additional 329,354 shares during the last quarter. Strs Ohio purchased a new stake in shares of Immunovant during the 1st quarter valued at $27,000. Invesco Ltd. boosted its position in shares of Immunovant by 20.7% in the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company's stock worth $1,068,000 after purchasing an additional 11,438 shares in the last quarter. Finally, Squarepoint Ops LLC boosted its position in shares of Immunovant by 714.6% in the 2nd quarter. Squarepoint Ops LLC now owns 84,919 shares of the company's stock worth $1,359,000 after purchasing an additional 74,494 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company's stock.

Immunovant Price Performance

NASDAQ IMVT opened at $39.25 on Friday. The company has a market cap of $8.11 billion, a price-to-earnings ratio of -13.92 and a beta of 0.81. The stock's fifty day moving average price is $40.44 and its 200 day moving average price is $32.83. Immunovant, Inc. has a 1 year low of $14.58 and a 1 year high of $45.42.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) EPS for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same period in the prior year, the company posted ($0.71) earnings per share. Research analysts expect that Immunovant, Inc. will post -2.96 earnings per share for the current year.

Insider Transactions at Immunovant

In other Immunovant news, CEO Eric Venker sold 3,092 shares of the firm'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 transaction of $118,980.16. Following the completion of the transaction, the chief executive officer directly owned 254,280 shares of the company's stock, valued at approximately $9,784,694.40. This trade represents a 1.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 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 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 ownership of the stock. 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. 1.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

IMVT has been the topic of several recent analyst reports. Citigroup upped their target price on Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Bank of America raised their price target on Immunovant from $32.00 to $43.00 and gave the stock a "buy" rating in a report on Thursday, May 21st. HC Wainwright boosted their price target on Immunovant from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Thursday, May 21st. Truist Financial upped their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a report on Friday, May 22nd. Finally, Sanford C. Bernstein raised shares of Immunovant to a "hold" rating in a research report on Wednesday, July 29th. Seven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $44.00.

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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