Man Group plc Purchases New Position in Immunovant, Inc. $IMVT

Key Points

• Man Group plc acquired 140,116 Immunovant shares worth approximately $5.4 million during the second quarter, taking a roughly 0.07% stake. Institutional investors collectively owned 47.08% of the company.
• Immunovant shares opened at $41.20, near their 12-month high of $45.42. The company reported a quarterly loss of $0.75 per share, missing analyst estimates of a $0.63 loss, while revenue matched expectations at $7.09 million.
• Analysts maintain a generally positive outlook, with seven Buy, three Hold and one Sell rating, producing a consensus “Moderate Buy” rating and a $44 target price. Meanwhile, insiders sold 98,359 shares worth about $3.8 million over the past 90 days.

Man Group plc acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor acquired 140,116 shares of the company's stock, valued at approximately $5,399,000. Man Group plc owned about 0.07% of Immunovant at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Jennison Associates LLC acquired a new position in shares of Immunovant during the fourth quarter worth $17,806,000. Renaissance Technologies LLC acquired a new stake in shares of Immunovant during the 1st quarter valued at $4,782,000. GSA Capital Partners LLP bought a new stake in Immunovant during the 2nd quarter worth $2,515,000. Pictet Asset Management Holding SA grew its position in Immunovant by 24.0% during the 1st quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company's stock worth $11,734,000 after acquiring an additional 91,539 shares during the last quarter. Finally, Profund Advisors LLC increased its holdings in Immunovant by 120.4% in the 4th quarter. Profund Advisors LLC now owns 49,076 shares of the company's stock worth $1,248,000 after purchasing an additional 26,810 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Buying and Selling

In other Immunovant news, insider Tuyl Christopher Van sold 17,824 shares of the stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44. Following the completion of the sale, the insider owned 180,597 shares of the company's stock, valued at approximately $6,918,671.07. This represents a 8.98% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Melanie Gloria sold 17,714 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 $678,623.34. Following the transaction, the chief operating officer owned 224,393 shares of the company's stock, valued at approximately $8,596,495.83. The trade was a 7.32% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 98,359 shares of company stock valued at $3,785,493 over the last 90 days. 1.90% of the stock is currently owned by corporate insiders.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $41.20 on Monday. The firm has a market cap of $8.51 billion, a P/E ratio of -14.61 and a beta of 0.77. Immunovant, Inc. has a 12-month low of $14.47 and a 12-month high of $45.42. The business has a fifty day simple moving average of $40.29 and a 200 day simple moving average of $32.39.

Immunovant (NASDAQ:IMVT - Get Free Report) last released 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 analysts' expectations of $7.09 million. During the same quarter in the previous year, the business earned ($0.71) EPS. As a group, equities research analysts expect that Immunovant, Inc. will post -2.96 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on IMVT. Sanford C. Bernstein raised Immunovant to a "hold" rating in a research note on Wednesday, July 29th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a research note on Tuesday, August 25th. Citigroup raised their price objective on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. JPMorgan Chase & Co. lifted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, Truist Financial boosted their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a report on Friday, May 22nd. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company 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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