The Manufacturers Life Insurance Company Makes New $1.87 Million Investment in Immunovant, Inc. $IMVT

Key Points

• The Manufacturers Life Insurance Company acquired a new $1.87 million stake in Immunovant during the second quarter, purchasing 48,570 shares. Institutional investors and hedge funds collectively own 47.08% of the company.
• Immunovant reported a quarterly loss of $0.75 per share, missing the $0.63 consensus estimate, while revenue matched expectations at $7.09 million.
• Analyst sentiment remains generally positive, with seven Buy ratings, three Holds and one Sell; the stock has a “Moderate Buy” consensus rating and a $44 average price target versus its recent $39.12 price.

The Manufacturers Life Insurance Company acquired a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm acquired 48,570 shares of the company's stock, valued at approximately $1,871,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company's stock worth $708,000 after buying an additional 3,348 shares during the last quarter. Goldman Sachs Group Inc. raised its position in Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company's stock valued at $17,222,000 after acquiring an additional 329,354 shares in the last quarter. Strs Ohio acquired a new position in Immunovant in the first quarter valued at approximately $27,000. Legal & General Group Plc lifted its holdings in Immunovant by 6.9% in the second quarter. Legal & General Group Plc now owns 77,296 shares of the company's stock valued at $1,237,000 after acquiring an additional 5,010 shares during the period. Finally, Invesco Ltd. boosted its position in Immunovant by 20.7% in the 2nd quarter. Invesco Ltd. now owns 66,750 shares of the company's stock worth $1,068,000 after purchasing an additional 11,438 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Insider Buying and Selling

In other Immunovant news, insider Christopher Van Tuyl sold 1,206 shares of the company's stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $47,697.30. Following the completion of the transaction, the insider directly owned 179,391 shares in the company, valued at approximately $7,094,914.05. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Jay Stout sold 3,487 shares of the stock in a transaction on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $137,910.85. Following the transaction, the chief technology officer directly owned 208,198 shares in the company, valued at approximately $8,234,230.90. The trade was a 1.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 98,359 shares of company stock worth $3,785,493 in the last 90 days. 1.90% of the stock is owned by insiders.

Immunovant Trading Down 0.9%

Shares of IMVT opened at $39.12 on Friday. The firm has a market cap of $8.08 billion, a P/E ratio of -13.87 and a beta of 0.81. Immunovant, Inc. has a 12 month low of $14.58 and a 12 month high of $45.42. The stock's 50 day moving average is $40.43 and its two-hundred day moving average is $32.78.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the firm posted ($0.71) earnings per share. Equities research analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. JPMorgan Chase & Co. raised their price objective on shares of Immunovant from $47.00 to $50.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Immunovant in a report on Monday, July 6th. HC Wainwright raised their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a "buy" rating in a research report on Thursday, May 21st. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Immunovant in a report on Tuesday, August 25th. Finally, Truist Financial upped their price objective on shares of Immunovant from $23.00 to $30.00 and gave the stock a "hold" rating in a research report on Friday, May 22nd. Seven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

About Immunovant

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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