OMERS ADMINISTRATION Corp Makes New $825,000 Investment in Immunovant, Inc. $IMVT

Key Points

• OMERS ADMINISTRATION Corp has acquired 48,300 shares of Immunovant, Inc. for approximately $825,000, marking a significant new investment in the company.
• A variety of institutional investors have increased their stakes in Immunovant, with notable boosts from Bank of America, Mirae Asset Global Investments, and Northern Trust Corp.
• Analysts have set a consensus price target of $35.20 for Immunovant, with ratings ranging from "Strong Buy" to "Hold" by various brokerages reflecting a generally favorable outlook on the stock.

OMERS ADMINISTRATION Corp bought a new position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 48,300 shares of the company's stock, valued at approximately $825,000.

Several other large investors have also added to or reduced their stakes in IMVT. Raymond James Financial Inc. bought a new position in Immunovant in the 4th quarter worth about $505,000. Hsbc Holdings PLC bought a new position in Immunovant in the 4th quarter worth about $780,000. Northern Trust Corp boosted its stake in Immunovant by 4.0% in the 4th quarter. Northern Trust Corp now owns 527,367 shares of the company's stock worth $13,063,000 after purchasing an additional 20,377 shares during the period. Ameriprise Financial Inc. bought a new stake in shares of Immunovant during the 4th quarter valued at about $221,000. Finally, BNP Paribas Financial Markets bought a new stake in shares of Immunovant during the 4th quarter valued at about $2,110,000. Institutional investors own 47.08% of the company's stock.

Immunovant Stock Up 6.1%

Shares of NASDAQ IMVT traded up $0.98 during trading hours on Friday, reaching $17.10. 1,423,145 shares of the stock traded hands, compared to its average volume of 1,467,461. The company has a market capitalization of $2.98 billion, a P/E ratio of -6.03 and a beta of 0.45. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $34.47. The company's 50-day simple moving average is $16.29 and its two-hundred day simple moving average is $16.40.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.60) earnings per share for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same period in the previous year, the firm earned ($0.60) EPS. As a group, sell-side analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Bank of America dropped their price target on Immunovant from $33.00 to $30.00 and set a "buy" rating for the company in a research report on Tuesday, August 12th. UBS Group lifted their price target on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. HC Wainwright reiterated a "buy" rating and set a $35.00 price target on shares of Immunovant in a research report on Thursday. Citigroup reiterated a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. Finally, JPMorgan Chase & Co. dropped their price target on Immunovant from $40.00 to $37.00 and set an "overweight" rating for the company in a research report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $33.60.

Insider Buying and Selling

In other Immunovant news, 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 transaction, the insider directly owned 221,825 shares of the company's stock, valued at $4,026,123.75. The trade was a 1.06% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Jay S. Stout sold 2,805 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 $50,910.75. Following the completion of the transaction, the chief technology officer directly owned 204,919 shares in the company, valued at $3,719,279.85. This trade represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 7,869 shares of company stock worth $140,384 over the last ninety days. Insiders own 1.80% of the company's stock.

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.