T. Rowe Price Investment Management Inc. Acquires 777,590 Shares of Immunovant, Inc. $IMVT

Key Points

• T. Rowe Price Investment Management Inc. has increased its holdings in Immunovant, Inc. by 15.2%, now owning approximately 3.47% of the company, valued at $100.7 million.
• Immunovant reported an earnings per share (EPS) of ($0.60) for the last quarter, surpassing the consensus estimate of ($0.69) by $0.09.
• Analysts have mixed ratings for Immunovant, with a consensus rating of "Moderate Buy" and a price target averaging $35.20.

T. Rowe Price Investment Management Inc. raised its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 15.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,894,824 shares of the company's stock after buying an additional 777,590 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 3.47% of Immunovant worth $100,743,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of IMVT. FNY Investment Advisers LLC acquired a new position in Immunovant during the 1st quarter worth approximately $34,000. BI Asset Management Fondsmaeglerselskab A S bought a new position in Immunovant during the 1st quarter worth $37,000. Headlands Technologies LLC acquired a new position in Immunovant during the 1st quarter worth $51,000. Covestor Ltd boosted its position in Immunovant by 187.5% during the 1st quarter. Covestor Ltd now owns 3,764 shares of the company's stock worth $64,000 after acquiring an additional 2,455 shares during the period. Finally, Caitong International Asset Management Co. Ltd lifted its holdings in shares of Immunovant by 256.5% in the first quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company's stock valued at $68,000 after buying an additional 2,863 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Immunovant Trading Down 2.3%

Shares of NASDAQ:IMVT traded down $0.35 during trading on Monday, reaching $14.89. 955,850 shares of the stock were exchanged, compared to its average volume of 1,460,144. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The firm has a market cap of $2.60 billion, a PE ratio of -5.22 and a beta of 0.66. The stock has a 50-day moving average price of $16.38 and a 200-day moving average price of $16.64.

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

Insider Buying and Selling at Immunovant

In related news, CTO Jay S. Stout sold 2,805 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the sale, the chief technology officer owned 204,919 shares in the company, valued at $3,719,279.85. The trade was a 1.35% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Michael Geffner sold 2,385 shares of the business's stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total value of $43,287.75. Following the sale, the insider owned 221,825 shares in the company, valued at $4,026,123.75. This represents a 1.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 7,869 shares of company stock valued at $140,384 over the last quarter. Company insiders own 1.80% 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.