Invesco Ltd. Cuts Stake in Immunovant, Inc. (NASDAQ:IMVT)

Invesco Ltd. trimmed its holdings in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 15.2% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 504,032 shares of the company's stock after selling 90,210 shares during the quarter. Invesco Ltd. owned about 0.30% of Immunovant worth $12,485,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. FMR LLC raised its holdings in shares of Immunovant by 4.5% during the fourth quarter. FMR LLC now owns 13,097,915 shares of the company's stock valued at $324,435,000 after purchasing an additional 560,344 shares during the last quarter. Vanguard Group Inc. raised its stake in Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock valued at $165,449,000 after buying an additional 20,614 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Immunovant by 0.3% during the 4th quarter. Geode Capital Management LLC now owns 1,515,020 shares of the company's stock valued at $37,536,000 after buying an additional 4,094 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Immunovant by 405.3% in the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock worth $28,568,000 after buying an additional 925,081 shares during the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after acquiring an additional 391,436 shares during the period. Hedge funds and other institutional investors own 47.08% of the company's stock.

Immunovant Stock Performance

Shares of Immunovant stock traded down $0.35 on Friday, hitting $14.72. 1,152,850 shares of the company traded hands, compared to its average volume of 1,200,273. The stock has a market capitalization of $2.50 billion, a P/E ratio of -5.62 and a beta of 0.81. The business has a 50-day simple moving average of $17.50 and a 200 day simple moving average of $23.12. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $34.47.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). Research analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on IMVT. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a research report on Tuesday, March 4th. Bank of America dropped their price objective on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a report on Thursday, March 20th. UBS Group restated a "neutral" rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a research report on Tuesday. Wolfe Research downgraded shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. Finally, HC Wainwright reissued a "buy" rating and set a $51.00 price objective on shares of Immunovant in a research report on Wednesday, March 19th. Two analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $38.33.

Insider Activity

In related news, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the transaction, the director now directly owns 91,913 shares in the company, valued at approximately $1,801,494.80. This represents a 8.01 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Eva Renee Barnett sold 2,993 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total value of $44,565.77. Following the completion of the sale, the chief financial officer now owns 396,774 shares in the company, valued at approximately $5,907,964.86. The trade was a 0.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,682 shares of company stock worth $753,419. 5.90% of the stock is currently owned by corporate insiders.

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.