Erste Asset Management GmbH Boosts Stock Position in Immunovant, Inc. $IMVT

Erste Asset Management GmbH grew its stake in Immunovant, Inc. (NASDAQ:IMVT) by 144.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 128,500 shares of the company’s stock after purchasing an additional 76,000 shares during the period. Erste Asset Management GmbH owned approximately 0.06% of Immunovant worth $3,291,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Geneos Wealth Management Inc. acquired a new position in Immunovant in the fourth quarter valued at approximately $25,000. Strs Ohio acquired a new stake in shares of Immunovant in the first quarter valued at $27,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Immunovant in the third quarter valued at $33,000. PNC Financial Services Group Inc. raised its stake in shares of Immunovant by 138.9% in the third 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 in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in shares of Immunovant by 228.9% in the second quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after acquiring an additional 4,273 shares in the last quarter. 47.08% of the stock is currently owned by hedge funds and other institutional investors.

Immunovant Price Performance

Shares of IMVT opened at $31.61 on Wednesday. The stock has a market cap of $6.49 billion, a price-to-earnings ratio of -11.37 and a beta of 0.76. Immunovant, Inc. has a 1-year low of $14.32 and a 1-year high of $36.28. The firm has a 50 day simple moving average of $28.76 and a 200-day simple moving average of $26.68.

Immunovant (NASDAQ:IMVT) last released its 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 previous year, the firm earned ($0.64) EPS. On average, equities analysts expect that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. HC Wainwright raised their price objective on Immunovant from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Bank of America raised their price target on Immunovant from $32.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. Truist Financial raised their price objective on shares of Immunovant from $23.00 to $30.00 and gave the company a “hold” rating in a research report on Friday, May 22nd. Sanford C. Bernstein began coverage on shares of Immunovant in a research report on Friday, March 20th. They issued a “market perform” rating and a $28.00 price objective for the company. Finally, Guggenheim lifted their price target 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. Six equities 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. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $37.33.

Insider Activity at Immunovant

In other news, CFO Tiago Girao sold 25,760 shares of the business’s stock in a transaction on Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $763,011.20. Following the completion of the sale, the chief financial officer directly owned 247,596 shares of the company’s stock, valued at $7,333,793.52. The trade was a 9.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 the business’s stock in a transaction on 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 sale, the director directly owned 74,382 shares of the company’s stock, valued at $2,492,540.82. This represents a 74.90% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 300,092 shares of company stock worth $9,553,291. 1.80% of the stock is owned by corporate insiders.

Immunovant Company 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.