Principal Financial Group Inc. Has $13 Million Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Principal Financial Group Inc. reduced its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 760,608 shares of the company's stock after selling 31,255 shares during the quarter. Principal Financial Group Inc. owned 0.45% of Immunovant worth $12,999,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in Immunovant by 21.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after purchasing an additional 1,037 shares during the last quarter. Vanguard Group Inc. raised its position in Immunovant by 0.3% in the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock valued at $165,449,000 after purchasing an additional 20,614 shares during the last quarter. Bank of America Corp DE raised its position in Immunovant by 50.4% in the fourth quarter. Bank of America Corp DE now owns 341,535 shares of the company's stock valued at $8,460,000 after purchasing an additional 114,511 shares during the last quarter. Rhumbline Advisers raised its position in Immunovant by 3.2% in the first quarter. Rhumbline Advisers now owns 83,555 shares of the company's stock valued at $1,428,000 after purchasing an additional 2,623 shares during the last quarter. Finally, Sei Investments Co. raised its position in Immunovant by 4.0% in the fourth quarter. Sei Investments Co. now owns 40,456 shares of the company's stock valued at $1,002,000 after purchasing an additional 1,541 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Immunovant Stock Performance

Shares of IMVT stock traded up $0.32 on Wednesday, hitting $17.81. The company had a trading volume of 978,657 shares, compared to its average volume of 1,219,726. The firm has a market cap of $3.05 billion, a P/E ratio of -6.50 and a beta of 0.63. The stock's 50-day moving average is $15.63 and its two-hundred day moving average is $18.03. Immunovant, Inc. has a twelve month low of $12.72 and a twelve month high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Thursday, May 29th. The company reported ($0.64) EPS for the quarter, topping the consensus estimate of ($0.72) by $0.08. The business had revenue of $0.16 million for the quarter. During the same period in the prior year, the company earned ($0.52) earnings per share. Equities research analysts predict that Immunovant, Inc. will post -2.69 EPS for the current year.

Insider Activity at Immunovant

In other Immunovant news, insider Michael Geffner sold 2,349 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $34,741.71. Following the completion of the sale, the insider owned 225,370 shares of the company's stock, valued at approximately $3,333,222.30. This trade represents a 1.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Jay S. Stout sold 1,519 shares of the firm's stock in a transaction that occurred on Wednesday, July 9th. The shares were sold at an average price of $17.24, for a total value of $26,187.56. Following the completion of the sale, the chief technology officer directly owned 207,724 shares of the company's stock, valued at $3,581,161.76. This trade represents a 0.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 6,953 shares of company stock valued at $109,398 in the last ninety days. 1.80% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have commented on IMVT. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 target price for the company in a research report on Thursday, July 10th. Bank of America dropped their target price on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Guggenheim reiterated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. UBS Group reiterated a "neutral" rating and issued a $17.00 target price (down from $38.00) on shares of Immunovant in a research report on Tuesday, April 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research report on Wednesday, March 19th. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $36.30.

Immunovant Company Profile

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.