Connor Clark & Lunn Investment Management Ltd. Has $7.18 Million Stake in Immunovant, Inc. $IMVT

Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 23.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 448,515 shares of the company’s stock after purchasing an additional 84,286 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Immunovant were worth $7,176,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Baker BROS. Advisors LP grew its holdings in Immunovant by 219.6% in the 1st quarter. Baker BROS. Advisors LP now owns 5,457,881 shares of the company’s stock valued at $93,275,000 after buying an additional 3,750,000 shares in the last quarter. Woodline Partners LP grew its stake in shares of Immunovant by 133.0% in the first quarter. Woodline Partners LP now owns 1,497,869 shares of the company’s stock valued at $25,599,000 after acquiring an additional 855,143 shares in the last quarter. T. Rowe Price Investment Management Inc. increased its position in Immunovant by 15.2% during the first quarter. T. Rowe Price Investment Management Inc. now owns 5,894,824 shares of the company’s stock worth $100,743,000 after acquiring an additional 777,590 shares during the period. Alpine Global Management LLC raised its stake in Immunovant by 21.7% in the 1st quarter. Alpine Global Management LLC now owns 2,626,692 shares of the company’s stock worth $44,890,000 after purchasing an additional 467,788 shares in the last quarter. Finally, Affinity Asset Advisors LLC raised its stake in Immunovant by 330.0% in the 1st quarter. Affinity Asset Advisors LLC now owns 430,000 shares of the company’s stock worth $7,349,000 after purchasing an additional 330,000 shares in the last quarter. 47.08% of the stock is currently owned by institutional investors.

Insider Activity at Immunovant

In other news, insider Michael Geffner sold 2,595 shares of the company’s stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total transaction of $49,382.85. Following the completion of the transaction, the insider directly owned 217,958 shares in the company, valued at approximately $4,147,740.74. This represents a 1.18% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Jay S. Stout sold 2,520 shares of the stock in a transaction on Wednesday, October 22nd. The shares were sold at an average price of $19.03, for a total value of $47,955.60. Following the completion of the transaction, the chief technology officer owned 200,814 shares of the company’s stock, valued at $3,821,490.42. The trade was a 1.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 7,972 shares of company stock valued at $143,908. 1.80% of the stock is owned by insiders.

Immunovant Stock Up 2.4%

Immunovant stock opened at $23.44 on Thursday. The stock has a market cap of $4.11 billion, a PE ratio of -8.25 and a beta of 0.60. Immunovant, Inc. has a 12-month low of $12.72 and a 12-month high of $30.25. The business’s 50-day moving average price is $18.40 and its two-hundred day moving average price is $16.69.

Immunovant (NASDAQ:IMVT) last posted its earnings results on Monday, November 10th. The company reported ($0.73) EPS for the quarter, missing analysts’ consensus estimates of ($0.72) by ($0.01). During the same period in the previous year, the company earned ($0.74) EPS. As a group, analysts expect that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analysts Set New Price Targets

A number of brokerages have issued reports on IMVT. Citigroup restated a “buy” rating on shares of Immunovant in a research report on Monday, August 11th. Bank of America reduced their price target on Immunovant from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 12th. JPMorgan Chase & Co. lowered their price objective on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. Truist Financial started coverage on Immunovant in a research report on Tuesday, October 14th. They set a “hold” rating and a $16.00 target price for the company. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a report on Tuesday, October 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $28.78.

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.