The Manufacturers Life Insurance Company Cuts Stock Position in Immunovant, Inc. $IMVT

Key Points

• The Manufacturers Life Insurance Company cut its Immunovant stake by 47.1% in the first quarter, selling 45,813 shares and retaining 51,421 shares valued at $1.28 million. Institutional investors collectively own 47.08% of the company.
• Immunovant shares opened at $40.93, near their 52-week high of $41.23, with a market capitalization of $8.45 billion. The company reported a quarterly loss of $0.75 per share, missing analyst expectations of a $0.63 loss, while revenue matched estimates at $7.09 million.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $44.00. However, insiders sold 324,810 shares worth $11.35 million over the past 90 days.

The Manufacturers Life Insurance Company lessened its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 47.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 51,421 shares of the company's stock after selling 45,813 shares during the period. The Manufacturers Life Insurance Company's holdings in Immunovant were worth $1,277,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IMVT. Jennison Associates LLC bought a new stake in Immunovant in the fourth quarter worth $17,806,000. Renaissance Technologies LLC bought a new position in shares of Immunovant during the first quarter valued at $4,782,000. Two Seas Capital LP increased its holdings in shares of Immunovant by 3.8% during the fourth quarter. Two Seas Capital LP now owns 2,866,962 shares of the company's stock valued at $72,878,000 after acquiring an additional 104,922 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Immunovant by 24.0% in the 1st quarter. Pictet Asset Management Holding SA now owns 472,381 shares of the company's stock worth $11,734,000 after purchasing an additional 91,539 shares during the last quarter. Finally, Profund Advisors LLC raised its position in shares of Immunovant by 120.4% in the 4th quarter. Profund Advisors LLC now owns 49,076 shares of the company's stock worth $1,248,000 after purchasing an additional 26,810 shares during the last quarter. Institutional investors own 47.08% of the company's stock.

Immunovant Stock Performance

Immunovant stock opened at $40.93 on Wednesday. Immunovant, Inc. has a one year low of $14.47 and a one year high of $41.23. The stock has a fifty day moving average of $37.57 and a 200 day moving average of $30.82. The stock has a market cap of $8.45 billion, a PE ratio of -14.51 and a beta of 0.77.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.63) by ($0.12). The business had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period in the prior year, the company posted ($0.71) EPS. As a group, sell-side analysts predict that Immunovant, Inc. will post -2.72 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the stock. Guggenheim increased their price objective on shares of Immunovant from $44.00 to $62.00 and gave the company a "buy" rating in a research report on Tuesday, May 26th. JPMorgan Chase & Co. lifted their target price on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Sanford C. Bernstein upgraded shares of Immunovant to a "hold" rating in a research note on Wednesday, July 29th. Citigroup increased their price target on shares of Immunovant from $57.00 to $61.00 and gave the company a "buy" rating in a report on Tuesday, June 30th. Finally, Bank of America increased their price target on shares of Immunovant from $32.00 to $43.00 and gave the company a "buy" rating in a report on Thursday, May 21st. Six investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $44.00.

Insider Transactions at Immunovant

In related news, insider Tuyl Christopher Van sold 17,824 shares of the firm's stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $682,837.44. Following the transaction, the insider owned 180,597 shares of the company's stock, valued at approximately $6,918,671.07. This trade represents a 8.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Andrew J. Fromkin sold 221,951 shares of the company's stock in a transaction that occurred on Thursday, May 28th. The shares were sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the sale, the director directly owned 74,382 shares of the company's stock, valued at approximately $2,492,540.82. This represents a 74.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 324,810 shares of company stock worth $11,350,166. 1.90% of the stock is currently owned by corporate insiders.

Immunovant Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant's approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company's lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.

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