Norges Bank Buys Shares of 687,662 Immunovant, Inc. $IMVT

Norges Bank purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 687,662 shares of the company’s stock, valued at approximately $11,003,000. Norges Bank owned 0.40% of Immunovant at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the stock. Capital Fund Management S.A. acquired a new position in Immunovant during the 2nd quarter valued at approximately $888,000. XTX Topco Ltd bought a new stake in Immunovant in the second quarter valued at $1,299,000. Ameritas Investment Partners Inc. lifted its stake in Immunovant by 14.9% in the second quarter. Ameritas Investment Partners Inc. now owns 6,976 shares of the company’s stock valued at $112,000 after buying an additional 904 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Immunovant by 21.3% during the second quarter. Rhumbline Advisers now owns 101,381 shares of the company’s stock valued at $1,622,000 after acquiring an additional 17,826 shares during the period. Finally, Legal & General Group Plc grew its position in shares of Immunovant by 6.9% during the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock worth $1,237,000 after acquiring an additional 5,010 shares during the last quarter. Institutional investors own 47.08% of the company’s stock.

Insider Buying and Selling at Immunovant

In other news, Director Andrew J. Fromkin sold 22,249 shares of the firm’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $23.25, for a total transaction of $517,289.25. Following the completion of the transaction, the director owned 85,852 shares in the company, valued at approximately $1,996,059. This trade represents a 20.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Melanie Gloria sold 12,626 shares of Immunovant stock in a transaction that occurred on Thursday, November 20th. The stock was sold at an average price of $23.62, for a total transaction of $298,226.12. Following the completion of the transaction, the chief operating officer directly owned 173,511 shares in the company, valued at $4,098,329.82. This represents a 6.78% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 57,847 shares of company stock valued at $1,308,023. Corporate insiders own 1.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IMVT. Bank of America cut their price objective on shares of Immunovant from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 12th. HC Wainwright restated a “buy” rating and issued a $35.00 price target on shares of Immunovant in a research note on Thursday, September 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research report on Tuesday, October 14th. Truist Financial started coverage on Immunovant in a report on Tuesday, October 14th. They issued a “hold” rating and a $16.00 price objective for the company. Finally, JPMorgan Chase & Co. cut their target price on Immunovant from $37.00 to $33.00 and set an “overweight” rating on the stock in a research note on Tuesday, September 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $28.78.

Immunovant Price Performance

NASDAQ IMVT opened at $22.76 on Wednesday. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $29.30. The firm has a market capitalization of $3.99 billion, a PE ratio of -8.01 and a beta of 0.56. The company’s 50 day simple moving average is $21.20 and its 200 day simple moving average is $17.84.

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

Immunovant Company 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.