TD Asset Management Inc Boosts Stake 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 position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 19.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 182,398 shares of the company's stock after buying an additional 30,152 shares during the quarter. TD Asset Management Inc owned about 0.11% of Immunovant worth $3,117,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. KLP Kapitalforvaltning AS grew its holdings in shares of Immunovant by 73.1% in the first quarter. KLP Kapitalforvaltning AS now owns 18,700 shares of the company's stock valued at $320,000 after acquiring an additional 7,900 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of Immunovant by 31.1% in the first quarter. Arizona State Retirement System now owns 19,468 shares of the company's stock valued at $333,000 after acquiring an additional 4,614 shares in the last quarter. Banque Pictet & Cie SA grew its holdings in shares of Immunovant by 1.3% in the first quarter. Banque Pictet & Cie SA now owns 147,397 shares of the company's stock valued at $2,519,000 after acquiring an additional 1,917 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its stake in Immunovant by 9.5% in the first quarter. China Universal Asset Management Co. Ltd. now owns 34,071 shares of the company's stock valued at $582,000 after purchasing an additional 2,947 shares during the last quarter. Finally, Teacher Retirement System of Texas lifted its stake in Immunovant by 19.2% in the first quarter. Teacher Retirement System of Texas now owns 18,122 shares of the company's stock valued at $310,000 after purchasing an additional 2,919 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Stock Performance

Shares of IMVT stock traded down $0.37 during mid-day trading on Friday, reaching $15.71. 1,534,963 shares of the company's stock traded hands, compared to its average volume of 1,374,736. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The firm has a 50 day moving average price of $16.41 and a two-hundred day moving average price of $17.42. The firm has a market capitalization of $2.69 billion, a PE ratio of -5.73 and a beta of 0.66.

Immunovant (NASDAQ:IMVT - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported ($0.64) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.08. The firm had revenue of $0.16 million during the quarter. During the same period in the prior year, the company earned ($0.52) earnings per share. As a group, equities analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Immunovant

In other news, insider Michael Geffner sold 2,385 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the sale, the insider directly owned 221,825 shares in the company, valued at approximately $4,026,123.75. This represents a 1.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction dated Wednesday, July 23rd. The shares were 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. This represents a 1.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 7,869 shares of company stock worth $140,384. Corporate insiders own 1.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price objective on the stock in a research note on Thursday, July 10th. UBS Group upped their price objective on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a research note on Monday, July 28th. Three research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Immunovant presently has an average rating of "Moderate Buy" and a consensus target price of $36.40.

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.