Bank Pictet & Cie Europe AG Invests $261,000 in Immunovant, Inc. (NASDAQ:IMVT)

Bank Pictet & Cie Europe AG acquired a new stake in shares of Immunovant, Inc. (NASDAQ:IMVT) during the third quarter, HoldingsChannel reports. The fund acquired 9,168 shares of the company’s stock, valued at approximately $261,000.

Other hedge funds also recently made changes to their positions in the company. Quest Partners LLC boosted its position in shares of Immunovant by 216.7% in the second quarter. Quest Partners LLC now owns 2,610 shares of the company’s stock worth $69,000 after purchasing an additional 1,786 shares during the period. Headlands Technologies LLC bought a new position in Immunovant in the 2nd quarter worth $77,000. EntryPoint Capital LLC increased its stake in Immunovant by 288.8% in the 1st quarter. EntryPoint Capital LLC now owns 2,912 shares of the company’s stock worth $94,000 after buying an additional 2,163 shares in the last quarter. DNB Asset Management AS increased its stake in Immunovant by 10.3% in the 2nd quarter. DNB Asset Management AS now owns 10,290 shares of the company’s stock worth $271,000 after buying an additional 958 shares in the last quarter. Finally, Farallon Capital Management LLC bought a new stake in Immunovant during the second quarter valued at about $317,000. 47.08% of the stock is currently owned by institutional investors.

Insider Activity

In related news, CEO Peter Salzmann sold 4,460 shares of the firm’s stock in a transaction on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $131,837.60. Following the completion of the sale, the chief executive officer now directly owns 1,003,884 shares in the company, valued at $29,674,811.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider William L. Macias sold 3,188 shares of Immunovant stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $28.79, for a total transaction of $91,782.52. Following the completion of the transaction, the insider now directly owns 365,144 shares of the company’s stock, valued at approximately $10,512,495.76. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Peter Salzmann sold 4,460 shares of the company’s stock in a transaction dated Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $131,837.60. Following the transaction, the chief executive officer now owns 1,003,884 shares in the company, valued at $29,674,811.04. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,176 shares of company stock valued at $732,226. 5.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IMVT. JPMorgan Chase & Co. cut their target price on Immunovant from $51.00 to $46.00 and set an “overweight” rating for the company in a research report on Thursday, August 8th. Raymond James reaffirmed an “outperform” rating and set a $36.00 price objective on shares of Immunovant in a report on Thursday, October 10th. HC Wainwright reiterated a “buy” rating and set a $51.00 price objective on shares of Immunovant in a research report on Monday, September 30th. UBS Group dropped their target price on shares of Immunovant from $42.00 to $41.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Immunovant currently has a consensus rating of “Buy” and an average price target of $48.91.

Immunovant Stock Up 0.8 %

IMVT stock opened at $29.60 on Wednesday. The company has a fifty day simple moving average of $30.08 and a two-hundred day simple moving average of $28.93. Immunovant, Inc. has a 52 week low of $24.67 and a 52 week high of $45.58. The firm has a market capitalization of $4.33 billion, a P/E ratio of -15.58 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.60) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.07). During the same period in the prior year, the firm posted ($0.57) earnings per share. As a group, analysts anticipate that Immunovant, Inc. will post -2.43 EPS for the current year.

Immunovant Company 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.