TD Asset Management Inc Raises Position in Immunovant, Inc. (NASDAQ:IMVT)

Key Points

• TD Asset Management Inc increased its stake in Immunovant by 19.8%, acquiring an additional 30,152 shares during the first quarter, bringing its total ownership to approximately $3.1 million.
• Immunovant shares opened at $15.71, with a 12-month trading range between $12.72 and $34.47, and a market capitalization of $2.69 billion.
• Analysts have a consensus rating of "Moderate Buy" for Immunovant, with an average price target of $36.40, suggesting potential upside from the current trading levels.

TD Asset Management Inc increased its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 19.8% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 182,398 shares of the company's stock after acquiring an additional 30,152 shares during the quarter. TD Asset Management Inc owned approximately 0.11% of Immunovant worth $3,117,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IMVT. FNY Investment Advisers LLC acquired a new position in shares of Immunovant during the 1st quarter valued at about $34,000. GF Fund Management CO. LTD. purchased a new stake in shares of Immunovant in the 4th quarter valued at $76,000. GAMMA Investing LLC increased its stake in Immunovant by 3,816.8% during the 1st quarter. GAMMA Investing LLC now owns 5,366 shares of the company's stock worth $920,000 after buying an additional 5,229 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in Immunovant by 21.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,928 shares of the company's stock valued at $109,000 after buying an additional 1,037 shares during the period. Finally, Ameriprise Financial Inc. acquired a new position in shares of Immunovant in the fourth quarter worth $221,000. Institutional investors and hedge funds own 47.08% of the company's stock.

Insiders Place Their Bets

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

Wall Street Analysts Forecast Growth

IMVT has been the topic of a number of analyst reports. UBS Group increased their price target on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research report on Monday, July 28th. The Goldman Sachs Group upgraded shares of Immunovant to a "hold" rating and set a $18.00 price target on the stock in a research note on Thursday, July 10th. Three research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $36.40.

Immunovant Trading Down 4.0%

Shares of IMVT traded down $0.65 during mid-day trading on Wednesday, hitting $15.86. The company's stock had a trading volume of 405,295 shares, compared to its average volume of 1,480,465. The firm has a 50-day simple moving average of $16.48 and a 200 day simple moving average of $17.31. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $34.47. The firm has a market capitalization of $2.71 billion, a P/E ratio of -5.77 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The company reported ($0.64) EPS for the quarter, topping analysts' consensus estimates of ($0.72) by $0.08. The company had revenue of $0.16 million for the quarter. During the same quarter in the prior year, the company posted ($0.52) earnings per share. As a group, sell-side analysts predict that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

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.