Rafferty Asset Management LLC Acquires 22,213 Shares of Immunovant, Inc. $IMVT

Key Points

• Rafferty Asset Management LLC increased its stake in Immunovant, Inc. by 19.0%, acquiring an additional 22,213 shares during the first quarter.
• Research analysts have varied outlooks on Immunovant, with a price target range between $18.00 and $37.00, signaling a mix of ratings from "Strong Buy" to "Hold."
• Immunovant's stock is currently trading at $14.69, notably down 0.9%, with a market capitalization of $2.56 billion.

Rafferty Asset Management LLC raised its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 19.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 138,837 shares of the company's stock after acquiring an additional 22,213 shares during the quarter. Rafferty Asset Management LLC owned about 0.08% of Immunovant worth $2,373,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Immunovant by 21.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock worth $109,000 after buying an additional 1,037 shares during the last quarter. Banque Pictet & Cie SA boosted its position in Immunovant by 1.3% during the 1st quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock valued at $2,519,000 after buying an additional 1,917 shares during the period. FNY Investment Advisers LLC purchased a new stake in Immunovant during the 1st quarter valued at $34,000. MetLife Investment Management LLC boosted its position in Immunovant by 6.1% during the 4th quarter. MetLife Investment Management LLC now owns 35,648 shares of the company's stock valued at $883,000 after buying an additional 2,040 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in Immunovant during the 1st quarter valued at $37,000. 47.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on IMVT shares. JPMorgan Chase & Co. reduced their price objective on shares of Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research report on Tuesday, August 12th. The Goldman Sachs Group raised Immunovant to a "hold" rating and set a $18.00 price objective for the company in a research report on Thursday, July 10th. Citigroup reissued a "buy" rating on shares of Immunovant in a research report on Monday, August 11th. Bank of America cut their target price on Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. Finally, UBS Group boosted their price objective on shares of Immunovant from $17.00 to $18.00 and gave the stock a "neutral" rating in a report on Monday, July 28th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $35.20.

Immunovant Trading Down 0.9%

NASDAQ:IMVT opened at $14.69 on Friday. The stock has a 50-day moving average price of $16.31 and a 200 day moving average price of $16.50. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $34.47. The stock has a market capitalization of $2.56 billion, a P/E ratio of -5.15 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the prior year, the company posted ($0.60) EPS. On average, research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Jay S. Stout sold 2,805 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total value of $50,910.75. Following the completion of the sale, the chief technology officer owned 204,919 shares in the company, valued at approximately $3,719,279.85. This trade represents a 1.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Michael Geffner sold 2,385 shares of the firm's stock in a transaction dated Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the completion of the sale, the insider owned 221,825 shares of the company's stock, valued at $4,026,123.75. This trade represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 7,869 shares of company stock valued at $140,384 in the last 90 days. Company insiders own 1.80% of the company's stock.

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.

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