The Manufacturers Life Insurance Company Trims Stock Holdings in Immunovant, Inc. $IMVT

The Manufacturers Life Insurance Company lowered its stake in Immunovant, Inc. (NASDAQ:IMVT) by 47.1% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,421 shares of the company’s stock after selling 45,813 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Immunovant were worth $1,277,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. RTW Investments LP bought a new position in shares of Immunovant during the 4th quarter valued at approximately $80,781,000. Morgan Stanley raised its stake in Immunovant by 147.4% during the 4th quarter. Morgan Stanley now owns 4,846,385 shares of the company’s stock worth $123,195,000 after acquiring an additional 2,887,359 shares during the period. Jennison Associates LLC raised its stake in Immunovant by 356.4% during the 1st quarter. Jennison Associates LLC now owns 3,196,705 shares of the company’s stock worth $79,406,000 after acquiring an additional 2,496,241 shares during the period. ADAR1 Capital Management LLC lifted its holdings in Immunovant by 319.0% during the third quarter. ADAR1 Capital Management LLC now owns 2,241,753 shares of the company’s stock valued at $36,137,000 after purchasing an additional 1,706,687 shares in the last quarter. Finally, Logos Global Management LP lifted its holdings in Immunovant by 400.0% during the fourth quarter. Logos Global Management LP now owns 1,375,000 shares of the company’s stock valued at $34,952,000 after purchasing an additional 1,100,000 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Trading Up 2.6%

Shares of Immunovant stock opened at $40.93 on Wednesday. The stock has a 50 day moving average of $37.57 and a 200 day moving average of $30.82. Immunovant, Inc. has a 12 month low of $14.47 and a 12 month high of $41.23. The firm has a market cap of $8.45 billion, a PE ratio of -14.51 and a beta of 0.77.

Immunovant (NASDAQ:IMVT) last released 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 business had revenue of $7.09 million during the quarter, compared to analyst estimates of $7.09 million. During the same quarter last year, the firm posted ($0.71) earnings per share. As a group, equities research analysts forecast that Immunovant, Inc. will post -2.72 earnings per share for the current fiscal year.

Insider Transactions at Immunovant

In related news, COO Melanie Gloria sold 17,714 shares of the business’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total value of $678,623.34. Following the sale, the chief operating officer owned 224,393 shares in the company, valued at approximately $8,596,495.83. The trade was a 7.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tuyl Christopher Van sold 17,824 shares of the company’s stock in a transaction on Friday, June 26th. The shares were sold at an average price of $38.31, for a total transaction of $682,837.44. Following the sale, the insider directly owned 180,597 shares in the company, valued at approximately $6,918,671.07. The trade was a 8.98% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 324,810 shares of company stock valued at $11,350,166 in the last 90 days. Company insiders own 1.90% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on IMVT shares. The Goldman Sachs Group increased their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research note on Wednesday, April 15th. Bank of America lifted their target price on shares of Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research note on Thursday, May 21st. Citigroup upped their target price on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Sanford C. Bernstein raised shares of Immunovant to a “hold” rating in a report on Wednesday, July 29th. Finally, JPMorgan Chase & Co. increased their price target on Immunovant from $47.00 to $50.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Immunovant has a consensus rating of “Moderate Buy” and a consensus target price of $44.00.

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.