23,799 Shares in Immunovant, Inc. $IMVT Purchased by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the fourth quarter, Holdings Channel reports. The firm purchased 23,799 shares of the company’s stock, valued at approximately $605,000.

Other institutional investors also recently bought and sold shares of the company. Geneos Wealth Management Inc. purchased a new stake in shares of Immunovant in the fourth quarter valued at approximately $25,000. Strs Ohio purchased a new position in shares of Immunovant during the 1st quarter valued at approximately $27,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Immunovant during the 3rd quarter valued at approximately $33,000. PNC Financial Services Group Inc. grew its stake in Immunovant by 138.9% in the 3rd quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after acquiring an additional 1,646 shares during the period. Finally, FNY Investment Advisers LLC grew its stake in Immunovant by 100.0% in the 4th quarter. FNY Investment Advisers LLC now owns 4,000 shares of the company’s stock valued at $101,000 after acquiring an additional 2,000 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Immunovant

In other news, Director Robert Graham Susman sold 2,502 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $27.17, for a total transaction of $67,979.34. Following the transaction, the director directly owned 36,394 shares in the company, valued at $988,824.98. The trade was a 6.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tuyl Christopher Van sold 5,165 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $24.83, for a total value of $128,246.95. Following the completion of the sale, the insider owned 183,231 shares of the company’s stock, valued at $4,549,625.73. This trade represents a 2.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 72,141 shares of company stock worth $1,923,713 in the last 90 days. 1.80% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IMVT shares. The Goldman Sachs Group upped their price objective on shares of Immunovant from $29.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 15th. Guggenheim boosted their target price on shares of Immunovant from $41.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Weiss Ratings restated a “sell (d-)” rating on shares of Immunovant in a research report on Wednesday, April 8th. Sanford C. Bernstein assumed coverage on shares of Immunovant in a research note on Friday, March 20th. They issued a “market perform” rating and a $28.00 price target on the stock. Finally, HC Wainwright reiterated a “buy” rating and issued a $35.00 price objective on shares of Immunovant in a report on Tuesday, February 10th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Immunovant has a consensus rating of “Hold” and an average price target of $32.44.

Immunovant Stock Up 0.4%

Immunovant stock opened at $29.06 on Tuesday. The company has a fifty day simple moving average of $26.20 and a 200-day simple moving average of $25.39. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of -10.80 and a beta of 0.70. Immunovant, Inc. has a 52-week low of $13.52 and a 52-week high of $30.16.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Friday, February 6th. The company reported ($0.61) earnings per share for the quarter, topping the consensus estimate of ($0.72) by $0.11. During the same quarter in the previous year, the company earned ($0.76) earnings per share. On average, research analysts anticipate that Immunovant, Inc. will post -2.67 EPS for the current fiscal year.

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.