473,984 Shares in Immunovant, Inc. $IMVT Purchased by Connor Clark & Lunn Investment Management Ltd.

Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 473,984 shares of the company’s stock, valued at approximately $18,263,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Empowered Funds LLC lifted its stake in Immunovant by 2.7% in the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after acquiring an additional 381 shares in the last quarter. Wellington Management Group LLP boosted its position in Immunovant by 2.7% during the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after acquiring an additional 755 shares during the last quarter. Royal Bank of Canada grew its stake in shares of Immunovant by 20.7% during the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after acquiring an additional 780 shares in the last quarter. The Manufacturers Life Insurance Company grew its stake in shares of Immunovant by 2.6% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after acquiring an additional 900 shares in the last quarter. Finally, Geneos Wealth Management Inc. acquired a new stake in shares of Immunovant in the fourth quarter valued at approximately $25,000. Institutional investors and hedge funds own 47.08% of the company’s stock.

Insider Buying and Selling at Immunovant

In other Immunovant news, insider Tuyl Christopher Van sold 17,824 shares of the stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $682,837.44. Following the completion of the sale, the insider owned 180,597 shares in the company, valued at $6,918,671.07. This trade represents a 8.98% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Andrew J. Fromkin sold 221,951 shares of Immunovant stock in a transaction dated Thursday, May 28th. The shares were sold at an average price of $33.51, for a total transaction of $7,437,578.01. Following the completion of the transaction, the director directly owned 74,382 shares of the company’s stock, valued at approximately $2,492,540.82. This trade represents a 74.90% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 318,810 shares of company stock valued at $11,158,166 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on IMVT shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Immunovant in a research report on Tuesday. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th. Guggenheim raised their target price on shares of Immunovant from $44.00 to $62.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Truist Financial lifted their price target on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research note on Friday, May 22nd. Finally, Citigroup boosted their price target on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Seven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $44.00.

Immunovant Stock Performance

Shares of NASDAQ IMVT opened at $43.50 on Wednesday. The stock has a 50 day moving average price of $39.82 and a 200 day moving average price of $32.04. The stock has a market capitalization of $8.98 billion, a PE ratio of -15.43 and a beta of 0.77. Immunovant, Inc. has a 52 week low of $14.47 and a 52 week high of $45.42.

Immunovant (NASDAQ:IMVT) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.63) by ($0.12). The firm had revenue of $7.09 million during the quarter, compared to the consensus estimate of $7.09 million. During the same quarter in the prior year, the company posted ($0.71) EPS. As a group, research analysts forecast that Immunovant, Inc. will post -2.9 EPS for the current 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.