Jennison Associates LLC Boosts Stake in Immunovant, Inc. $IMVT

Jennison Associates LLC grew its position in shares of Immunovant, Inc. (NASDAQ:IMVT) by 356.4% during the first quarter, Holdings Channel reports. The fund owned 3,196,705 shares of the company’s stock after purchasing an additional 2,496,241 shares during the period. Jennison Associates LLC’s holdings in Immunovant were worth $79,406,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Geneos Wealth Management Inc. purchased a new stake in Immunovant in the fourth quarter worth $25,000. Strs Ohio purchased a new position in Immunovant during the first quarter valued at $27,000. PNC Financial Services Group Inc. lifted its position in Immunovant by 138.9% during the third quarter. PNC Financial Services Group Inc. now owns 2,831 shares of the company’s stock valued at $46,000 after buying an additional 1,646 shares during the period. Quarry LP boosted its holdings in shares of Immunovant by 94.9% during the 4th quarter. Quarry LP now owns 3,000 shares of the company’s stock valued at $76,000 after buying an additional 1,461 shares in the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of Immunovant by 228.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,140 shares of the company’s stock valued at $98,000 after buying an additional 4,273 shares in the last quarter. Institutional investors own 47.08% of the company’s stock.

Wall Street Analysts Forecast Growth

IMVT has been the topic of a number of recent research reports. The Goldman Sachs Group upped their target price 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. HC Wainwright lifted their price target on shares of Immunovant from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Weiss Ratings reissued a “sell (d-)” rating on shares of Immunovant in a research note on Monday, July 6th. Citigroup upped their price objective on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Finally, 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 note on Tuesday, May 26th. Six analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Immunovant presently has a consensus rating of “Hold” and an average price target of $39.70.

Insider Buying and Selling at Immunovant

In other news, insider Tuyl Christopher Van sold 1,206 shares of the stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $39.55, for a total transaction of $47,697.30. Following the sale, the insider owned 179,391 shares in the company, valued at $7,094,914.05. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,092 shares of the stock in a transaction that occurred on Thursday, July 2nd. The shares were sold at an average price of $38.48, for a total transaction of $118,980.16. Following the sale, the chief executive officer owned 254,280 shares in the company, valued at approximately $9,784,694.40. The trade was a 1.20% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 355,826 shares of company stock worth $12,262,730 in the last 90 days. Insiders own 1.80% of the company’s stock.

Immunovant Stock Performance

NASDAQ IMVT opened at $40.26 on Monday. Immunovant, Inc. has a 12 month low of $14.32 and a 12 month high of $41.23. The stock’s fifty day moving average price is $34.79 and its 200-day moving average price is $29.21. The stock has a market cap of $8.27 billion, a P/E ratio of -14.48 and a beta of 0.76.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Wednesday, May 20th. The company reported ($0.73) earnings per share (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) earnings per share. As a group, analysts forecast that Immunovant, Inc. will post -2.65 earnings per share for the current fiscal year.

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.