Russell Investments Group Ltd. Increases Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

Russell Investments Group Ltd. grew its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 337.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 176,901 shares of the company’s stock after buying an additional 136,418 shares during the period. Russell Investments Group Ltd.’s holdings in Immunovant were worth $7,453,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IMVT. WCM Investment Management LLC bought a new stake in Immunovant during the fourth quarter worth about $4,548,000. Allspring Global Investments Holdings LLC grew its stake in shares of Immunovant by 590.7% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 42,865 shares of the company’s stock worth $1,806,000 after buying an additional 36,659 shares during the last quarter. AWM Investment Company Inc. bought a new position in Immunovant during the 3rd quarter valued at approximately $1,920,000. Wellington Management Group LLP purchased a new position in Immunovant during the third quarter valued at $6,473,000. Finally, Citigroup Inc. boosted its holdings in Immunovant by 43.3% in the third quarter. Citigroup Inc. now owns 126,316 shares of the company’s stock worth $4,849,000 after acquiring an additional 38,179 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Trading Down 0.3 %

Shares of NASDAQ IMVT opened at $29.58 on Wednesday. Immunovant, Inc. has a 12-month low of $17.53 and a 12-month high of $45.58. The firm has a market capitalization of $4.30 billion, a price-to-earnings ratio of -16.08 and a beta of 0.70. The firm has a 50 day moving average of $30.89 and a 200 day moving average of $35.39.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings data on Monday, February 12th. The company reported ($0.36) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.07. Sell-side analysts predict that Immunovant, Inc. will post -1.7 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Eva Renee Barnett sold 2,930 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $36.15, for a total value of $105,919.50. Following the completion of the sale, the chief financial officer now directly owns 320,420 shares of the company’s stock, valued at approximately $11,583,183. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Mark S. Levine sold 2,134 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total value of $77,144.10. Following the transaction, the insider now directly owns 301,968 shares in the company, valued at $10,916,143.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Eva Renee Barnett sold 2,930 shares of the company’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $36.15, for a total value of $105,919.50. Following the completion of the transaction, the chief financial officer now directly owns 320,420 shares of the company’s stock, valued at approximately $11,583,183. The disclosure for this sale can be found here. Insiders sold a total of 81,560 shares of company stock worth $2,424,601 over the last quarter. 4.80% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on IMVT. JPMorgan Chase & Co. began coverage on Immunovant in a research report on Tuesday, February 20th. They issued an “overweight” rating and a $51.00 price target for the company. The Goldman Sachs Group started coverage on shares of Immunovant in a report on Wednesday, March 13th. They set a “buy” rating and a $50.00 price target on the stock. Wolfe Research initiated coverage on shares of Immunovant in a report on Thursday, February 15th. They issued an “outperform” rating and a $55.00 price objective for the company. Truist Financial reiterated a “buy” rating and set a $48.00 target price on shares of Immunovant in a research note on Monday, March 25th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Immunovant in a research note on Friday, January 12th. Seventeen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $48.00.

About Immunovant

Immunovant, Inc, a clinical-stage biopharmaceutical company, develops monoclonal antibodies for the treatment of autoimmune diseases. It develops batoclimab, a novel fully human monoclonal antibody that target the neonatal fragment crystallizable receptor for the treatment of myasthenia gravis, thyroid eye disease, chronic inflammatory demyelinating polyneuropathy, and Graves diseases, as well as warm autoimmune hemolytic anemia.