Rafferty Asset Management LLC Trims Stock Holdings in Immunovant, Inc. (NASDAQ:IMVT)

Rafferty Asset Management LLC reduced its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 23.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities & 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 about 0.07% of Immunovant worth $2,889,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. ProShare Advisors LLC lifted its position in shares of Immunovant by 18.8% in the fourth quarter. ProShare Advisors LLC now owns 23,300 shares of the company's stock valued at $577,000 after acquiring an additional 3,681 shares in the last quarter. Occudo Quantitative Strategies LP purchased a new stake in shares of Immunovant in the fourth quarter valued at $860,000. Orbimed Advisors LLC purchased a new stake in shares of Immunovant in the fourth quarter valued at $1,944,000. J. Goldman & Co LP purchased a new stake in shares of Immunovant in the fourth quarter valued at $851,000. Finally, Granahan Investment Management LLC purchased a new stake in shares of Immunovant in the fourth quarter valued at $3,701,000. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently issued reports on IMVT shares. Jefferies Financial Group began coverage on Immunovant in a research report on Monday, March 3rd. They issued a "hold" rating and a $20.00 price objective on the stock. HC Wainwright reiterated a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research note on Wednesday, March 19th. Guggenheim reiterated a "buy" rating on shares of Immunovant in a research note 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 note on Tuesday, April 22nd. Finally, Cantor Fitzgerald upgraded Immunovant to a "strong-buy" rating in a research note on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Immunovant has an average rating of "Moderate Buy" and an average target price of $38.33.

Insiders Place Their Bets

In other Immunovant news, CEO Peter Salzmann sold 28,094 shares of the company's stock in a transaction that occurred on Wednesday, April 9th. The stock was 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. This represents a 2.31% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now directly owns 91,913 shares of the company's stock, valued at $1,801,494.80. This represents a 8.01% decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,682 shares of company stock worth $753,419 over the last three months. 5.90% of the stock is owned by insiders.

Immunovant Price Performance

Shares of NASDAQ:IMVT opened at $14.70 on Tuesday. The firm has a market capitalization of $2.50 billion, a PE ratio of -5.61 and a beta of 0.75. The business has a 50-day moving average of $15.83 and a two-hundred day moving average of $21.35. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47.

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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