JPMorgan Chase & Co. Raises Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

JPMorgan Chase & Co. lifted its position in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 405.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,153,338 shares of the company's stock after purchasing an additional 925,081 shares during the period. JPMorgan Chase & Co. owned about 0.68% of Immunovant worth $28,568,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. 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 purchasing an additional 20,614 shares during the period. State Street Corp raised its position in shares of Immunovant by 11.2% during the third quarter. State Street Corp now owns 3,022,342 shares of the company's stock valued at $86,167,000 after buying an additional 303,386 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Immunovant by 6.9% in the third quarter. Geode Capital Management LLC now owns 1,510,926 shares of the company's stock worth $43,085,000 after buying an additional 96,924 shares in the last quarter. Principal Financial Group Inc. lifted 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 buying an additional 391,436 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Immunovant by 2.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 564,442 shares of the company's stock worth $13,981,000 after acquiring an additional 12,012 shares during the last quarter. 47.08% of the stock is currently owned by institutional investors.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded down $0.11 during mid-day trading on Friday, reaching $14.68. The company's stock had a trading volume of 1,862,077 shares, compared to its average volume of 1,188,920. Immunovant, Inc. has a 1-year low of $12.72 and a 1-year high of $34.47. The stock has a market capitalization of $2.49 billion, a P/E ratio of -5.60 and a beta of 0.81. The stock has a 50-day moving average of $18.57 and a two-hundred day moving average of $24.03.

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

Analysts Set New Price Targets

IMVT has been the topic of several research analyst reports. Wolfe Research cut shares of Immunovant from an "outperform" rating to a "peer perform" rating in a research note on Friday, January 3rd. Wells Fargo & Company decreased their target price on Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. HC Wainwright restated a "buy" rating and set a $51.00 price target on shares of Immunovant in a report on Wednesday, March 19th. Jefferies Financial Group assumed coverage on Immunovant in a report on Monday, March 3rd. They set a "hold" rating and a $20.00 price objective on the stock. Finally, Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. One analyst has rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Buy" and a consensus target price of $41.00.

Insider Buying and Selling at Immunovant

In other Immunovant news, Director Sciences Ltd. Roivant acquired 16,845,010 shares of the stock in a transaction dated Monday, January 13th. The stock was acquired at an average price of $20.00 per share, with a total value of $336,900,200.00. Following the completion of the purchase, the director now owns 96,650,341 shares in the company, valued at $1,933,006,820. This trade represents a 21.11 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Andrew J. Fromkin sold 8,000 shares of Immunovant stock in a transaction on Friday, March 7th. The shares were sold at an average price of $19.60, for a total value of $156,800.00. Following the completion of the transaction, the director now owns 91,913 shares of the company's stock, valued at approximately $1,801,494.80. This trade represents a 8.01 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 54,394 shares of company stock worth $956,666 over the last three months. Insiders own 5.90% of the company's stock.

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.