Fmr LLC Purchases 2,053,688 Shares of Immunovant, Inc. (NASDAQ:IMVT)

Fmr LLC grew its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 19.6% during the 3rd quarter, Holdings Channel.com reports. The fund owned 12,537,571 shares of the company’s stock after acquiring an additional 2,053,688 shares during the period. Fmr LLC owned 0.09% of Immunovant worth $357,446,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IMVT. CANADA LIFE ASSURANCE Co lifted its holdings in shares of Immunovant by 106.0% in the first quarter. CANADA LIFE ASSURANCE Co now owns 12,331 shares of the company’s stock worth $398,000 after buying an additional 6,344 shares in the last quarter. DNB Asset Management AS raised its stake in Immunovant by 10.3% in the second 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. SG Americas Securities LLC boosted its position in Immunovant by 638.7% during the second quarter. SG Americas Securities LLC now owns 30,702 shares of the company’s stock valued at $811,000 after purchasing an additional 26,546 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Immunovant by 198.0% during the 2nd quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock worth $8,224,000 after buying an additional 207,003 shares during the last quarter. Finally, EFG Asset Management North America Corp. increased its stake in Immunovant by 23.4% during the 2nd quarter. EFG Asset Management North America Corp. now owns 58,070 shares of the company’s stock valued at $1,531,000 after purchasing an additional 11,000 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their price objective on Immunovant from $51.00 to $46.00 and set an “overweight” rating on the stock in a report on Thursday, August 8th. UBS Group decreased their price objective 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. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a report on Monday, September 9th. Raymond James reissued an “outperform” rating and set a $36.00 target price on shares of Immunovant in a research note on Thursday, October 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price target on shares of Immunovant in a research note on Friday, November 8th. Eleven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $48.10.

Immunovant Trading Down 1.8 %

IMVT stock opened at $28.20 on Friday. The firm has a 50 day moving average of $28.95 and a 200-day moving average of $28.84. Immunovant, Inc. has a 12-month low of $24.61 and a 12-month high of $45.58. The company has a market cap of $4.14 billion, a price-to-earnings ratio of -12.70 and a beta of 0.66.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Thursday, November 7th. The company reported ($0.74) EPS for the quarter, missing analysts’ consensus estimates of ($0.59) by ($0.15). During the same quarter in the prior year, the business earned ($0.45) EPS. Sell-side analysts forecast that Immunovant, Inc. will post -2.7 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Immunovant news, CFO Eva Renee Barnett sold 5,162 shares of the business’s stock in a transaction on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total transaction of $152,588.72. Following the sale, the chief financial officer now directly owns 338,614 shares of the company’s stock, valued at $10,009,429.84. The trade was a 1.50 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Peter Salzmann sold 16,692 shares of the stock in a transaction that occurred on Wednesday, November 20th. The stock was sold at an average price of $25.45, for a total transaction of $424,811.40. Following the completion of the sale, the chief executive officer now directly owns 978,097 shares of the company’s stock, valued at $24,892,568.65. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 77,659 shares of company stock worth $2,096,890 over the last quarter. 5.90% of the stock is owned by company 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.