Immunovant, Inc. $IMVT Shares Sold by Citigroup Inc.

Citigroup Inc. decreased its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 23.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 242,022 shares of the company’s stock after selling 75,860 shares during the quarter. Citigroup Inc.’s holdings in Immunovant were worth $3,901,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock worth $708,000 after acquiring an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Immunovant by 48.6% during the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after acquiring an additional 329,354 shares in the last quarter. Strs Ohio purchased a new position in shares of Immunovant in the 1st quarter valued at approximately $27,000. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Immunovant by 23.1% in the 2nd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 448,515 shares of the company’s stock worth $7,176,000 after purchasing an additional 84,286 shares in the last quarter. Finally, Quinn Opportunity Partners LLC boosted its stake in Immunovant by 45.6% in the 2nd quarter. Quinn Opportunity Partners LLC now owns 51,108 shares of the company’s stock worth $818,000 after purchasing an additional 16,008 shares in the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have issued reports on IMVT. The Goldman Sachs Group raised their price target on shares of Immunovant from $18.00 to $28.00 and gave the stock a “neutral” rating in a report on Monday, December 15th. Guggenheim raised their target price on Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Wolfe Research upgraded Immunovant from a “peer perform” rating to an “outperform” rating and set a $50.00 price target on the stock in a research note on Tuesday, January 6th. Truist Financial increased their price objective on Immunovant from $16.00 to $22.00 and gave the company a “hold” rating in a report on Thursday, January 8th. Finally, HC Wainwright restated a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a research note on Tuesday, February 10th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $32.50.

Insider Buying and Selling

In other Immunovant news, insider Tuyl Christopher Van sold 10,813 shares of the company’s stock in a transaction that occurred on Thursday, December 18th. The stock was sold at an average price of $26.91, for a total value of $290,977.83. Following the sale, the insider owned 149,930 shares in the company, valued at approximately $4,034,616.30. This represents a 6.73% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CTO Jay S. Stout sold 1,977 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $26.03, for a total transaction of $51,461.31. Following the sale, the chief technology officer directly owned 197,634 shares in the company, valued at $5,144,413.02. The trade was a 0.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 13,993 shares of company stock valued at $374,355 over the last three months. 1.80% of the stock is currently owned by corporate insiders.

Immunovant Stock Performance

NASDAQ:IMVT opened at $27.08 on Thursday. The firm’s fifty day moving average is $26.29 and its two-hundred day moving average is $22.10. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of -10.07 and a beta of 0.62. Immunovant, Inc. has a one year low of $12.72 and a one year high of $29.25.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Friday, February 6th. The company reported ($0.61) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.72) by $0.11. During the same period last year, the firm posted ($0.76) earnings per share. As a group, equities research analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current fiscal year.

About Immunovant

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.