Vanguard Group Inc. Increases Stake in Immunovant, Inc. $IMVT

Key Points

• Vanguard Group increased its stake in Immunovant by 14% in the fourth quarter, buying an additional 952,504 shares and ending with 7.78 million shares valued at about $197.8 million.
• Institutional ownership remains significant, with hedge funds and other large investors holding 47.08% of Immunovant’s stock. Several smaller investors also opened new positions or added to holdings during the period.
• Analysts are mixed on the stock: the consensus rating is Hold with an average price target of $32.44, while recent coverage ranged from Buy to Sell. Immunovant also reported a smaller-than-expected quarterly loss, beating EPS estimates in its latest earnings release.

Vanguard Group Inc. lifted its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 14.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,779,314 shares of the company's stock after purchasing an additional 952,504 shares during the quarter. Vanguard Group Inc. owned about 4.44% of Immunovant worth $197,750,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Geneos Wealth Management Inc. purchased a new position in Immunovant in the 4th quarter valued at about $25,000. Strs Ohio purchased a new position in shares of Immunovant during the 1st quarter worth about $27,000. Aster Capital Management DIFC Ltd purchased a new position in Immunovant in the third quarter valued at approximately $33,000. PNC Financial Services Group Inc. raised its holdings in Immunovant by 138.9% in the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company's stock valued at $46,000 after buying an additional 1,646 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company's stock valued at $98,000 after buying an additional 4,273 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Immunovant

In related news, CTO Jay S. Stout sold 2,754 shares of the business's stock in a transaction that occurred on Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total value of $81,573.48. Following the completion of the sale, the chief technology officer directly owned 251,685 shares in the company, valued at approximately $7,454,909.70. The trade was a 1.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 5,165 shares of the company's stock in a transaction that occurred on Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total value of $128,246.95. Following the transaction, the insider owned 183,231 shares of the company's stock, valued at approximately $4,549,625.73. This trade represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 72,141 shares of company stock worth $1,923,713 over the last quarter. Insiders own 1.80% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on IMVT. HC Wainwright reaffirmed a "buy" rating and issued a $35.00 price objective on shares of Immunovant in a research report on Tuesday, February 10th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research report on Friday, March 20th. They set a "market perform" rating and a $28.00 price target for the company. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Immunovant in a report on Wednesday, April 8th. Guggenheim lifted their price objective on shares of Immunovant from $41.00 to $44.00 and gave the stock a "buy" rating in a report on Monday, February 9th. Finally, The Goldman Sachs Group raised their target price on Immunovant from $29.00 to $32.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $32.44.

Immunovant Stock Up 6.3%

NASDAQ:IMVT opened at $28.94 on Friday. The business's 50-day moving average price is $26.14 and its 200 day moving average price is $25.25. The firm has a market cap of $5.89 billion, a P/E ratio of -10.76 and a beta of 0.70. Immunovant, Inc. has a 52-week low of $13.52 and a 52-week high of $30.09.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.72) by $0.11. During the same period last year, the business earned ($0.76) EPS. Sell-side analysts expect that Immunovant, Inc. will post -2.67 EPS for the current year.

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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