Pictet Asset Management Holding SA Has $11.73 Million Stock Position in Immunovant, Inc. $IMVT

Key Points

• Pictet Asset Management Holding SA increased its Immunovant stake by 24% in the first quarter, ending with 472,381 shares valued at about $11.73 million.
• Immunovant shares were up 1.7% and recently traded near their 52-week high at $38.79, giving the company a market value of about $7.96 billion.
• The company reported a quarterly loss of ($0.73) per share, wider than analyst expectations, while recent insider sales totaled 370,024 shares worth about $12.47 million over the past three months.

Pictet Asset Management Holding SA lifted its position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 24.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 472,381 shares of the company's stock after acquiring an additional 91,539 shares during the quarter. Pictet Asset Management Holding SA owned approximately 0.23% of Immunovant worth $11,734,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Granahan Investment Management LLC increased its position 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 during the period. Alpine Global Management LLC lifted its position in Immunovant by 4.9% during the 3rd quarter. Alpine Global Management LLC now owns 2,754,731 shares of the company's stock valued at $44,406,000 after purchasing an additional 128,039 shares during the period. Aberdeen Group plc lifted its position in Immunovant by 20.6% during the 4th quarter. Aberdeen Group plc now owns 1,184,122 shares of the company's stock valued at $30,100,000 after purchasing an additional 202,318 shares during the period. Hennion & Walsh Asset Management Inc. bought a new position in shares of Immunovant in the 4th quarter valued at about $1,823,000. Finally, Jennison Associates LLC bought a new position in shares of Immunovant in the 4th quarter valued at about $17,806,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Immunovant Trading Up 1.7%

Immunovant stock opened at $38.79 on Friday. The firm has a market capitalization of $7.96 billion, a P/E ratio of -13.95 and a beta of 0.76. Immunovant, Inc. has a 1 year low of $14.32 and a 1 year high of $39.28. The business has a 50-day moving average of $32.28 and a 200-day moving average of $28.20.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.13). During the same quarter last year, the business posted ($0.64) EPS. Research analysts anticipate that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on IMVT. Citigroup boosted their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a "buy" rating in a research note on Tuesday. Bank of America raised their price objective on shares of Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a research note on Thursday, May 21st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immunovant in a report on Wednesday, April 8th. HC Wainwright upped their target price on shares of Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Finally, Truist Financial increased their price target on Immunovant from $23.00 to $30.00 and gave the company a "hold" rating in a research note on Friday, May 22nd. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $39.70.

Insider Transactions at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 17,824 shares of the company's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jay S. Stout sold 40,000 shares of Immunovant stock in a transaction 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 in the company, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 370,024 shares of company stock valued at $12,474,010. Corporate insiders own 1.80% of the company's stock.

Immunovant Company 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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