Ishara Investments LP Makes New $763,000 Investment in Immunovant, Inc. $IMVT

Ishara Investments LP purchased a new position in Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 30,000 shares of the company’s stock, valued at approximately $763,000.

A number of other institutional investors have also bought and sold shares of the business. Empowered Funds LLC increased its stake 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 buying an additional 610 shares in the last quarter. Royal Bank of Canada increased its stake in Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after buying an additional 780 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Immunovant by 2.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after buying an additional 900 shares in the last quarter. Banque Pictet & Cie SA increased its stake in Immunovant by 0.9% in the 4th quarter. Banque Pictet & Cie SA now owns 114,881 shares of the company’s stock worth $2,920,000 after buying an additional 993 shares in the last quarter. Finally, Geneos Wealth Management Inc. purchased a new stake in Immunovant in the 4th quarter worth $25,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analyst Ratings Changes

IMVT has been the subject of a number of analyst reports. Guggenheim increased their price target on Immunovant from $44.00 to $62.00 and gave the stock a “buy” rating in a research note on Tuesday, May 26th. Citigroup reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, May 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Immunovant in a report on Wednesday, April 8th. Truist Financial lifted their target price on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a report on Friday, May 22nd. Finally, Sanford C. Bernstein initiated 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 investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $37.33.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 10,132 shares of Immunovant stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $24.83, for a total value of $251,577.56. Following the completion of the transaction, the chief technology officer owned 254,439 shares in the company, valued at approximately $6,317,720.37. This trade represents a 3.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Andrew J. Fromkin sold 221,951 shares of Immunovant stock in a transaction dated Thursday, May 28th. The stock was sold at an average price of $33.51, for a total value of $7,437,578.01. Following the completion of the transaction, the director owned 74,382 shares of the company’s stock, valued at approximately $2,492,540.82. This represents a 74.90% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 297,215 shares of company stock valued at $9,481,453 in the last quarter. 1.80% of the stock is currently owned by insiders.

Immunovant Trading Up 3.3%

Shares of IMVT stock opened at $34.71 on Thursday. Immunovant, Inc. has a 12-month low of $14.32 and a 12-month high of $36.28. The stock’s 50-day moving average price is $29.80 and its 200-day moving average price is $27.09. The stock has a market capitalization of $7.13 billion, a price-to-earnings ratio of -12.49 and a beta of 0.76.

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

Immunovant Profile

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.