Principal Financial Group Inc. Sells 31,255 Shares of Immunovant, Inc. (NASDAQ:IMVT)

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its position in shares of Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company's stock valued at $324,435,000 after acquiring an additional 560,344 shares during the last quarter. Vanguard Group Inc. lifted 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 worth $165,449,000 after buying an additional 20,614 shares during the last quarter. Deep Track Capital LP lifted its position in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock worth $148,620,000 after buying an additional 1,652,536 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in Immunovant by 53.6% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 5,117,234 shares of the company's stock worth $126,754,000 after buying an additional 1,786,217 shares during the last quarter. Finally, Alpine Global Management LLC lifted its position in Immunovant by 14.7% in the fourth quarter. Alpine Global Management LLC now owns 2,158,904 shares of the company's stock worth $53,476,000 after buying an additional 276,200 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Immunovant Trading Up 3.6%

Shares of Immunovant stock opened at $18.13 on Friday. The firm has a market cap of $3.10 billion, a P/E ratio of -6.62 and a beta of 0.63. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The stock's fifty day moving average price is $15.49 and its 200-day moving average price is $18.13.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Thursday, May 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.08. The company had revenue of $0.16 million during the quarter. During the same quarter in the previous year, the business earned ($0.52) EPS. Analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on IMVT shares. Guggenheim restated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. HC Wainwright restated a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. UBS Group reiterated a "neutral" rating and issued a $17.00 target price (down previously from $38.00) on shares of Immunovant in a research note on Tuesday, April 22nd. Bank of America reduced their target price on Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Finally, The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 target price on the stock in a research note on Thursday. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $36.30.

Insiders Place Their Bets

In related news, CEO Peter Salzmann sold 8,321 shares of Immunovant stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total transaction of $123,899.69. Following the completion of the sale, the chief executive officer owned 1,178,191 shares of the company's stock, valued at $17,543,263.99. The trade was a 0.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael Geffner sold 2,349 shares of Immunovant stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total value of $34,741.71. Following the sale, the insider directly owned 225,370 shares of the company's stock, valued at $3,333,222.30. This trade represents a 1.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,267 shares of company stock worth $277,864 in the last three months. Insiders own 5.90% of the company's stock.

Immunovant 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.

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