Keybank National Association OH Takes Position in Immunovant, Inc. $IMVT

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

A number of other institutional investors have also made changes to their positions in the stock. Geneos Wealth Management Inc. bought a new stake in Immunovant in the fourth quarter valued at about $25,000. Strs Ohio bought a new position in Immunovant during the first quarter worth about $27,000. PNC Financial Services Group Inc. boosted its holdings in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock worth $46,000 after buying an additional 1,646 shares during the last quarter. Quarry LP grew its position in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock worth $76,000 after buying an additional 1,461 shares during the period. Finally, FNY Investment Advisers LLC increased its stake in shares of Immunovant by 100.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $101,000 after acquiring an additional 2,000 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Immunovant

In other news, Director Andrew J. Fromkin sold 221,951 shares of the business’s stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the sale, the director directly owned 74,382 shares in the company, valued at approximately $2,492,540.82. The trade was a 74.90% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Jay S. Stout sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $1,532,400.00. Following the completion of the transaction, the chief technology officer directly owned 211,685 shares of the company’s stock, valued at $8,109,652.35. This represents a 15.89% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 355,826 shares of company stock valued at $12,262,730. 1.80% of the stock is currently owned by corporate insiders.

Immunovant Stock Performance

Shares of NASDAQ:IMVT opened at $39.71 on Friday. The company has a fifty day moving average of $33.66 and a 200-day moving average of $28.75. The company has a market capitalization of $8.15 billion, a PE ratio of -14.28 and a beta of 0.76. Immunovant, Inc. has a 52-week low of $14.32 and a 52-week high of $41.23.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Wednesday, May 20th. The company reported ($0.73) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.13). During the same quarter in the prior year, the business earned ($0.64) earnings per share. On average, equities analysts forecast that Immunovant, Inc. will post -2.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on IMVT shares. Guggenheim boosted their target price on Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research report on Monday. HC Wainwright boosted their price target on Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Bank of America boosted their target price on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, Sanford C. Bernstein assumed coverage on Immunovant in a report on Friday, March 20th. They issued a “market perform” rating and a $28.00 target price on the stock. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $39.70.

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.