Keybank National Association OH Makes New Investment in Immunovant, Inc. $IMVT

Keybank National Association OH purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 13,784 shares of the company’s stock, valued at approximately $342,000.

A number of other hedge funds have also made changes to their positions in the stock. Empowered Funds LLC lifted its holdings in Immunovant by 4.5% in the 4th quarter. Empowered Funds LLC now owns 14,175 shares of the company’s stock worth $360,000 after purchasing an additional 610 shares during the last quarter. Wellington Management Group LLP grew its holdings in Immunovant by 2.7% during the fourth quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock valued at $733,000 after purchasing an additional 755 shares during the last quarter. Royal Bank of Canada grew its holdings in Immunovant by 20.7% during the fourth quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock valued at $116,000 after purchasing an additional 780 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Immunovant by 2.6% in the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock valued at $578,000 after purchasing an additional 900 shares during the period. Finally, Banque Pictet & Cie SA raised its position in shares of Immunovant by 0.9% in the fourth quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock valued at $2,920,000 after purchasing an additional 993 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Immunovant Trading Down 3.4%

IMVT opened at $39.71 on Friday. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $41.23. The stock has a market capitalization of $8.15 billion, a price-to-earnings ratio of -14.28 and a beta of 0.76. The business has a 50 day moving average of $33.66 and a 200-day moving average of $28.75.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same period in the prior year, the business posted ($0.64) EPS. Equities analysts predict that Immunovant, Inc. will post -2.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on IMVT shares. Bank of America upped their price objective on shares of Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Citigroup lifted their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Truist Financial boosted their target price on shares of Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. The Goldman Sachs Group upped their price target on shares of Immunovant from $29.00 to $32.00 and gave the company a “neutral” rating in a report on Wednesday, April 15th. Finally, Sanford C. Bernstein initiated coverage on Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Immunovant presently has an average rating of “Hold” and an average target price of $39.70.

Insider Transactions at Immunovant

In other news, CEO Eric Venker sold 3,092 shares of Immunovant stock in a transaction dated Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total transaction of $118,980.16. Following the sale, the chief executive officer directly owned 254,280 shares in the company, valued at approximately $9,784,694.40. The trade was a 1.20% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction dated Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total transaction of $47,697.30. Following the completion of the transaction, the insider directly owned 179,391 shares of the company’s stock, valued at $7,094,914.05. This trade represents a 0.67% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 355,826 shares of company stock worth $12,262,730. 1.80% of the stock is currently owned by company insiders.

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.