The Manufacturers Life Insurance Company Has $1.05 Million Stock Holdings in Immunovant, Inc. (NASDAQ:IMVT)

The Manufacturers Life Insurance Company trimmed its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 2.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 36,680 shares of the company’s stock after selling 946 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Immunovant were worth $1,046,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in IMVT. SG Americas Securities LLC lifted its stake in shares of Immunovant by 638.7% in the 2nd quarter. SG Americas Securities LLC now owns 30,702 shares of the company’s stock valued at $811,000 after purchasing an additional 26,546 shares during the period. Assenagon Asset Management S.A. lifted its stake in shares of Immunovant by 198.0% in the 2nd quarter. Assenagon Asset Management S.A. now owns 311,525 shares of the company’s stock valued at $8,224,000 after purchasing an additional 207,003 shares during the period. EFG Asset Management North America Corp. lifted its stake in shares of Immunovant by 23.4% in the 2nd quarter. EFG Asset Management North America Corp. now owns 58,070 shares of the company’s stock valued at $1,531,000 after purchasing an additional 11,000 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Immunovant by 12.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 250,339 shares of the company’s stock valued at $6,609,000 after purchasing an additional 27,960 shares during the period. Finally, Rhumbline Advisers lifted its stake in shares of Immunovant by 9.7% in the 2nd quarter. Rhumbline Advisers now owns 83,532 shares of the company’s stock valued at $2,205,000 after purchasing an additional 7,363 shares during the period. 47.08% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO Eva Renee Barnett sold 5,162 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The stock was sold at an average price of $29.56, for a total value of $152,588.72. Following the transaction, the chief financial officer now owns 338,614 shares in the company, valued at approximately $10,009,429.84. This represents a 1.50 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Peter Salzmann sold 4,460 shares of the company’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $29.56, for a total value of $131,837.60. Following the completion of the transaction, the chief executive officer now owns 1,003,884 shares in the company, valued at approximately $29,674,811.04. The trade was a 0.44 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 77,659 shares of company stock valued at $2,096,890 over the last three months. Corporate insiders own 5.90% of the company’s stock.

Immunovant Stock Performance

Shares of IMVT opened at $28.89 on Thursday. The firm has a market capitalization of $4.24 billion, a P/E ratio of -13.04 and a beta of 0.64. The stock has a 50 day moving average price of $28.98 and a two-hundred day moving average price of $28.75. Immunovant, Inc. has a 52 week low of $24.61 and a 52 week high of $45.58.

Immunovant (NASDAQ:IMVT) last released its earnings results on Thursday, November 7th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.59) by ($0.15). During the same quarter in the prior year, the company earned ($0.45) earnings per share. On average, equities analysts forecast that Immunovant, Inc. will post -2.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on IMVT shares. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 target price on shares of Immunovant in a research report on Friday, November 8th. Raymond James reaffirmed an “outperform” rating and issued a $36.00 target price on shares of Immunovant in a research report on Thursday, October 10th. Oppenheimer boosted their target price on Immunovant from $47.00 to $53.00 and gave the company an “outperform” rating in a research report on Wednesday, October 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Immunovant in a research report on Monday, September 9th. Eleven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $48.10.

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.