Rafferty Asset Management LLC decreased its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 23.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,624 shares of the company's stock after selling 35,723 shares during the quarter. Rafferty Asset Management LLC owned 0.07% of Immunovant worth $2,889,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of the business. T. Rowe Price Investment Management Inc. grew its stake 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 valued at $126,754,000 after purchasing an additional 1,786,217 shares in the last quarter. Deep Track Capital LP grew its stake in Immunovant by 38.0% in the fourth quarter. Deep Track Capital LP now owns 6,000,000 shares of the company's stock valued at $148,620,000 after purchasing an additional 1,652,536 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Immunovant by 405.3% in the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock valued at $28,568,000 after purchasing an additional 925,081 shares in the last quarter. Two Seas Capital LP grew its stake in Immunovant by 123.4% in the fourth quarter. Two Seas Capital LP now owns 1,511,614 shares of the company's stock valued at $37,443,000 after purchasing an additional 835,000 shares in the last quarter. Finally, Boxer Capital Management LLC purchased a new position in Immunovant in the fourth quarter valued at about $20,435,000. Hedge funds and other institutional investors own 47.08% of the company's stock.
Immunovant Price Performance
Shares of NASDAQ IMVT traded down $0.10 during trading hours on Friday, hitting $14.46. 754,314 shares of the company's stock were exchanged, compared to its average volume of 1,224,248. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $34.47. The stock has a market capitalization of $2.46 billion, a price-to-earnings ratio of -5.52 and a beta of 0.75. The company's 50-day moving average price is $15.46 and its 200-day moving average price is $20.91.
Wall Street Analysts Forecast Growth
A number of analysts have weighed in on IMVT shares. Jefferies Financial Group started coverage on Immunovant in a research report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price target for the company. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. HC Wainwright reaffirmed a "buy" rating and issued a $51.00 price target on shares of Immunovant in a research report on Wednesday, March 19th. Bank of America reduced their price target on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Finally, Guggenheim reaffirmed a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Two analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.
Check Out Our Latest Analysis on IMVT
Insider Activity
In related news, CTO Jay S. Stout sold 1,925 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $14.79, for a total transaction of $28,470.75. Following the sale, the chief technology officer now directly owns 209,243 shares in the company, valued at $3,094,703.97. This represents a 0.91% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Peter Salzmann sold 28,094 shares of the stock in a transaction on Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total value of $364,941.06. Following the completion of the transaction, the chief executive officer now owns 1,186,512 shares in the company, valued at $15,412,790.88. The trade was a 2.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,682 shares of company stock worth $753,419. Company insiders own 5.90% of the company's stock.
Immunovant Profile
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Free Report)
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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