PSP Research LLC Acquires Shares of 20,305 Immunovant, Inc. $IMVT

PSP Research LLC acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 20,305 shares of the company’s stock, valued at approximately $516,000.

Several other large investors also recently bought and sold shares of IMVT. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in Immunovant by 8.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 40,971 shares of the company’s stock valued at $708,000 after acquiring an additional 3,348 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in Immunovant by 48.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,007,700 shares of the company’s stock valued at $17,222,000 after acquiring an additional 329,354 shares in the last quarter. Strs Ohio acquired a new position in Immunovant in the first quarter valued at $27,000. Legal & General Group Plc boosted its stake in Immunovant by 6.9% in the second quarter. Legal & General Group Plc now owns 77,296 shares of the company’s stock valued at $1,237,000 after acquiring an additional 5,010 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Immunovant by 20.7% during the second quarter. Invesco Ltd. now owns 66,750 shares of the company’s stock worth $1,068,000 after buying an additional 11,438 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Insider Transactions at Immunovant

In related news, insider Tuyl Christopher Van sold 5,165 shares of the firm’s stock in a transaction dated 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 in the company, valued at $4,549,625.73. This trade represents a 2.74% decrease in their ownership of the stock. The sale was disclosed in a document filed 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, CTO Jay S. Stout sold 2,754 shares of the firm’s stock in a transaction dated Thursday, April 23rd. The shares were sold at an average price of $29.62, for a total transaction of $81,573.48. Following the completion of the sale, the chief technology officer owned 251,685 shares of the company’s stock, valued at approximately $7,454,909.70. The trade was a 1.08% decrease in their position. 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 valued at $1,923,713 over the last 90 days. Insiders own 1.80% of the company’s stock.

Immunovant Stock Down 0.9%

Shares of NASDAQ:IMVT opened at $26.29 on Wednesday. The company has a market cap of $5.35 billion, a P/E ratio of -9.77 and a beta of 0.70. Immunovant, Inc. has a 52 week low of $13.79 and a 52 week high of $30.16. The company has a 50-day moving average price of $26.30 and a 200 day moving average price of $25.71.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on IMVT. The Goldman Sachs Group increased their target price 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. Guggenheim increased 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. HC Wainwright reiterated a “buy” rating and set a $35.00 target price on shares of Immunovant in a research note on Tuesday, February 10th. Sanford C. Bernstein began coverage on shares of Immunovant in a research note on Friday, March 20th. They set a “market perform” rating and a $28.00 target price for the company. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Immunovant in a research note on Wednesday, April 8th. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $32.44.

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.