Raymond James Financial Inc. Invests $505,000 in Immunovant, Inc. (NASDAQ:IMVT)

Raymond James Financial Inc. purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 20,382 shares of the company's stock, valued at approximately $505,000.

A number of other hedge funds have also bought and sold shares of IMVT. KBC Group NV increased its position in Immunovant by 60.1% in the fourth quarter. KBC Group NV now owns 3,099 shares of the company's stock worth $77,000 after buying an additional 1,163 shares during the last quarter. KLP Kapitalforvaltning AS bought a new stake in Immunovant in the 4th quarter valued at about $268,000. Aigen Investment Management LP purchased a new stake in Immunovant during the fourth quarter valued at about $270,000. Teacher Retirement System of Texas lifted its holdings in Immunovant by 18.5% during the fourth quarter. Teacher Retirement System of Texas now owns 15,203 shares of the company's stock valued at $377,000 after purchasing an additional 2,373 shares during the last quarter. Finally, Knights of Columbus Asset Advisors LLC bought a new position in Immunovant during the fourth quarter worth about $616,000. 47.08% of the stock is currently owned by institutional investors.

Immunovant Price Performance

Shares of IMVT traded down $0.28 during mid-day trading on Friday, reaching $14.02. 1,187,476 shares of the company's stock traded hands, compared to its average volume of 1,212,859. The stock has a market cap of $2.38 billion, a P/E ratio of -5.35 and a beta of 0.75. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The stock's 50-day moving average is $16.48 and its two-hundred day moving average is $22.06.

Immunovant (NASDAQ:IMVT - Get Free Report) last announced 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 predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Andrew J. Fromkin sold 8,000 shares of the stock in a transaction that occurred 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 sale, the director now owns 91,913 shares of the company's stock, valued at $1,801,494.80. This represents a 8.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Peter Salzmann sold 28,094 shares of the company's stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the completion of the transaction, the chief executive officer now directly owns 1,186,512 shares in the company, valued at $15,412,790.88. The trade was a 2.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 51,682 shares of company stock valued at $753,419 over the last 90 days. Insiders own 5.90% of the company's stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Cantor Fitzgerald raised Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. Jefferies Financial Group began coverage on Immunovant in a research note on Monday, March 3rd. They set a "hold" rating and a $20.00 price target for the company. Bank of America dropped their target price on Immunovant from $38.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. UBS Group restated a "neutral" rating and issued a $17.00 price objective (down from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Finally, Guggenheim reiterated a "buy" rating on shares of Immunovant in a research report on Thursday, March 20th. Two analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

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.