Aberdeen Group plc Has $15.83 Million Stock Position in Immunovant, Inc. $IMVT

Aberdeen Group plc boosted its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 16.2% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 981,804 shares of the company’s stock after purchasing an additional 137,099 shares during the period. Aberdeen Group plc owned about 0.56% of Immunovant worth $15,827,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of IMVT. Arizona State Retirement System lifted its position in shares of Immunovant by 2.2% during the 3rd quarter. Arizona State Retirement System now owns 20,234 shares of the company’s stock worth $326,000 after buying an additional 430 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after acquiring an additional 900 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in shares of Immunovant by 14.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock worth $112,000 after acquiring an additional 904 shares during the last quarter. Strs Ohio bought a new position in shares of Immunovant in the first quarter worth about $27,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of Immunovant by 4.1% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 42,641 shares of the company’s stock valued at $683,000 after purchasing an additional 1,670 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $26.65 on Thursday. Immunovant, Inc. has a 52 week low of $12.72 and a 52 week high of $27.92. The firm has a market cap of $5.42 billion, a PE ratio of -9.91 and a beta of 0.54. The firm’s fifty day moving average is $26.16 and its 200-day moving average is $21.29.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.11. During the same period last year, the company earned ($0.76) earnings per share. Sell-side analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IMVT shares. Wolfe Research upgraded shares of Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price objective for the company in a research report on Tuesday, January 6th. Truist Financial upped their price target on shares of Immunovant from $16.00 to $22.00 and gave the stock a “hold” rating in a report on Thursday, January 8th. HC Wainwright reiterated a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research note on Tuesday, February 10th. The Goldman Sachs Group boosted their price objective on Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a research report on Monday, December 15th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Friday, January 9th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.11.

Insider Buying and Selling

In related news, Director Andrew J. Fromkin sold 22,249 shares of the company’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.25, for a total value of $517,289.25. Following the sale, the director directly owned 85,852 shares in the company, valued at $1,996,059. This represents a 20.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Douglas J. Hughes sold 15,000 shares of the firm’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $23.24, for a total transaction of $348,600.00. Following the transaction, the director owned 120,773 shares of the company’s stock, valued at approximately $2,806,764.52. The trade was a 11.05% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 51,242 shares of company stock worth $1,240,244. Corporate insiders own 1.80% of the company’s stock.

Immunovant Profile

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.