Alchemi Wealth LLC Acquires Shares of 56,576 Immunovant, Inc. $IMVT

Alchemi Wealth LLC bought a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 56,576 shares of the company’s stock, valued at approximately $1,438,000. Immunovant accounts for approximately 0.8% of Alchemi Wealth LLC’s investment portfolio, making the stock its 25th largest holding.

A number of other large investors also recently made changes to their positions in IMVT. Geneos Wealth Management Inc. acquired a new position in Immunovant during the 4th quarter worth approximately $25,000. Strs Ohio bought a new stake in Immunovant during the 1st quarter worth approximately $27,000. Aster Capital Management DIFC Ltd bought a new stake in Immunovant during the 3rd quarter worth approximately $33,000. PNC Financial Services Group Inc. increased its holdings in Immunovant by 138.9% during the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after purchasing an additional 1,646 shares in the last quarter. Finally, FNY Investment Advisers LLC increased its holdings in Immunovant by 100.0% during the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock worth $101,000 after purchasing an additional 2,000 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Guggenheim boosted their price objective on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, May 26th. The Goldman Sachs Group boosted their price objective on Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a report on Wednesday, April 15th. Sanford C. Bernstein assumed coverage on Immunovant in a report on Friday, March 20th. They set a “market perform” rating and a $28.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Finally, Truist Financial boosted their price objective on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Six research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $37.33.

Immunovant Stock Up 2.3%

IMVT opened at $33.62 on Friday. The stock has a market cap of $6.90 billion, a PE ratio of -12.09 and a beta of 0.76. Immunovant, Inc. has a 52 week low of $14.32 and a 52 week high of $36.28. The business’s fifty day simple moving average is $29.25 and its 200 day simple moving average is $26.85.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.13). During the same period in the prior year, the firm posted ($0.64) EPS. As a group, equities analysts anticipate that Immunovant, Inc. will post -2.65 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Jay S. Stout sold 2,754 shares of the company’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $81,573.48. Following the sale, the chief technology officer directly owned 251,685 shares in the company, valued at approximately $7,454,909.70. This represents a 1.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tiago Girao sold 25,760 shares of the stock in a transaction dated Thursday, April 23rd. The stock was sold at an average price of $29.62, for a total transaction of $763,011.20. Following the completion of the sale, the chief financial officer directly owned 247,596 shares in the company, valued at $7,333,793.52. This trade represents a 9.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 300,092 shares of company stock worth $9,553,291 in the last 90 days. Insiders own 1.80% of the company’s stock.

Immunovant Company 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.