The Manufacturers Life Insurance Company Invests $1.87 Million in Immunovant, Inc. $IMVT

The Manufacturers Life Insurance Company purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 48,570 shares of the company’s stock, valued at approximately $1,871,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Strs Ohio purchased a new position in Immunovant in the 1st quarter valued at $27,000. PNC Financial Services Group Inc. grew its holdings in shares of 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 in the last quarter. Quarry LP raised its position in shares of Immunovant by 94.9% in the fourth quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares during the last quarter. Quantbot Technologies LP acquired a new stake in shares of Immunovant in the second quarter valued at about $87,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after buying an additional 4,273 shares during the last quarter. 47.08% of the stock is owned by institutional investors and hedge funds.

Immunovant Price Performance

Shares of IMVT stock opened at $39.12 on Friday. The company has a market capitalization of $8.08 billion, a PE ratio of -13.87 and a beta of 0.81. The firm’s 50-day moving average is $40.43 and its two-hundred day moving average is $32.78. Immunovant, Inc. has a 12 month low of $14.58 and a 12 month high of $45.42.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.75) earnings per share for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The firm had revenue of $7.09 million for the quarter, compared to analyst estimates of $7.09 million. During the same period last year, the business posted ($0.71) earnings per share. Sell-side analysts forecast that Immunovant, Inc. will post -2.96 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on IMVT shares. HC Wainwright boosted their price target on shares of Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a report on Monday, July 6th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a research note on Wednesday, July 29th. Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a report on Tuesday, August 25th. Finally, Citigroup upped their price target on Immunovant from $57.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Immunovant has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Insider Transactions at Immunovant

In related news, CTO Jay Stout sold 40,000 shares of the company’s stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.31, for a total value of $1,532,400.00. Following the transaction, the chief technology officer directly owned 211,685 shares in the company, valued at approximately $8,109,652.35. This represents a 15.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Tiago Girão sold 10,000 shares of the stock in a transaction that occurred on Friday, June 26th. The stock was sold at an average price of $38.46, for a total value of $384,600.00. Following the completion of the transaction, the chief financial officer owned 247,596 shares of the company’s stock, valued at $9,522,542.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 98,359 shares of company stock valued at $3,785,493 in the last ninety days. 1.90% of the stock is currently owned by corporate 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.