Vanguard Group Inc. Has $118.55 Million Holdings in Immunovant, Inc. $IMVT

Key Points

• Vanguard Group Inc. increased its stake in Immunovant, Inc. by 3.9%, acquiring an additional 257,445 shares, bringing its total ownership to approximately 4.08%, valued at $118.55 million.
• Several hedge funds, including T. Rowe Price, Deep Track Capital, and Two Seas Capital, also significantly raised their positions in Immunovant during the 4th quarter.
• Analysts exhibit a generally positive outlook, with 8 "Buy" ratings and a consensus target price of $35.20, despite some price target reductions from firms like JPMorgan and Bank of America.

Vanguard Group Inc. lifted its stake in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 3.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,936,859 shares of the company's stock after acquiring an additional 257,445 shares during the quarter. Vanguard Group Inc. owned 4.08% of Immunovant worth $118,551,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

IMVT has been the topic of a number of analyst reports. Citigroup reaffirmed a "buy" rating on shares of Immunovant in a report on Monday, August 11th. JPMorgan Chase & Co. decreased their price target on Immunovant from $40.00 to $37.00 and set an "overweight" rating on the stock in a research note on Tuesday, August 12th. The Goldman Sachs Group upgraded Immunovant to a "hold" rating and set a $18.00 price objective for the company in a research report on Thursday, July 10th. UBS Group raised their target price on Immunovant from $17.00 to $18.00 and gave the company a "neutral" rating in a report on Monday, July 28th. Finally, Bank of America lowered their price target on shares of Immunovant from $33.00 to $30.00 and set a "buy" rating on the stock in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $35.20.

Immunovant Stock Performance

IMVT stock traded down $0.35 during trading on Monday, hitting $14.89. The stock had a trading volume of 955,850 shares, compared to its average volume of 1,460,089. The stock has a market cap of $2.60 billion, a price-to-earnings ratio of -5.22 and a beta of 0.66. The company's 50 day moving average price is $16.38 and its two-hundred day moving average price is $16.64. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating analysts' consensus estimates of ($0.69) by $0.09. During the same period in the previous year, the company posted ($0.60) earnings per share. As a group, sell-side analysts forecast that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In other Immunovant news, insider Michael Geffner sold 2,385 shares of Immunovant stock in a transaction on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $43,287.75. Following the sale, the insider owned 221,825 shares of the company's stock, valued at $4,026,123.75. The trade was a 1.06% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Jay S. Stout sold 2,805 shares of the company's stock in a transaction that occurred on Wednesday, July 23rd. The stock was sold at an average price of $18.15, for a total transaction of $50,910.75. Following the completion of the sale, the chief technology officer directly owned 204,919 shares of the company's stock, valued at approximately $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. Insiders sold 7,869 shares of company stock valued at $140,384 over the last quarter. Insiders own 1.80% of the company's stock.

About Immunovant

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.