abrdn plc Invests $13.81 Million in Immunovant, Inc. (NASDAQ:IMVT)

abrdn plc acquired a new position in Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, HoldingsChannel reports. The institutional investor acquired 327,706 shares of the company’s stock, valued at approximately $13,806,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IMVT. FMR LLC grew its stake in Immunovant by 47.5% during the third quarter. FMR LLC now owns 7,748,546 shares of the company’s stock valued at $297,467,000 after acquiring an additional 2,494,678 shares in the last quarter. Fred Alger Management LLC grew its stake in Immunovant by 6,108.9% during the third quarter. Fred Alger Management LLC now owns 1,186,031 shares of the company’s stock valued at $45,532,000 after acquiring an additional 1,166,929 shares in the last quarter. Armistice Capital LLC purchased a new position in Immunovant during the third quarter valued at $39,767,000. Vanguard Group Inc. grew its stake in Immunovant by 14.0% during the third quarter. Vanguard Group Inc. now owns 6,233,146 shares of the company’s stock valued at $239,290,000 after acquiring an additional 764,530 shares in the last quarter. Finally, Rock Springs Capital Management LP purchased a new position in Immunovant during the third quarter valued at $24,736,000. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Down 3.6 %

IMVT stock opened at $27.75 on Friday. Immunovant, Inc. has a 12 month low of $15.90 and a 12 month high of $45.58. The firm’s 50-day moving average is $32.30 and its 200 day moving average is $35.86.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, February 12th. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.07. As a group, sell-side analysts predict that Immunovant, Inc. will post -1.7 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on IMVT shares. The Goldman Sachs Group started coverage on shares of Immunovant in a research note on Wednesday, March 13th. They set a “buy” rating and a $50.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of Immunovant in a research report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 price objective for the company. Truist Financial reiterated a “buy” rating and set a $48.00 price objective on shares of Immunovant in a research report on Monday, March 25th. Wolfe Research started coverage on shares of Immunovant in a research report on Thursday, February 15th. They set an “outperform” rating and a $55.00 price objective for the company. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research report on Friday, January 12th. Seventeen analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $48.00.

Insider Buying and Selling

In related news, CFO Eva Renee Barnett sold 12,253 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.06, for a total value of $356,072.18. Following the transaction, the chief financial officer now owns 359,456 shares of the company’s stock, valued at approximately $10,445,791.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Immunovant news, CFO Eva Renee Barnett sold 12,253 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.06, for a total transaction of $356,072.18. Following the transaction, the chief financial officer now owns 359,456 shares of the company’s stock, valued at approximately $10,445,791.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Julia G. Butchko sold 10,115 shares of the firm’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $29.06, for a total transaction of $293,941.90. Following the transaction, the insider now directly owns 451,627 shares in the company, valued at approximately $13,124,280.62. The disclosure for this sale can be found here. Insiders have sold 71,060 shares of company stock valued at $2,121,151 in the last 90 days. Company insiders own 4.80% of the company’s stock.

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.