Norges Bank Purchases Shares of 637,947 Immunovant, Inc. (NASDAQ:IMVT)

Norges Bank acquired a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 637,947 shares of the company’s stock, valued at approximately $15,802,000. Norges Bank owned 0.38% of Immunovant as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. JPMorgan Chase & Co. increased its position in shares of Immunovant by 405.3% during the fourth quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company’s stock valued at $28,568,000 after purchasing an additional 925,081 shares during the period. Vanguard Group Inc. increased its holdings in Immunovant by 0.3% in the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after buying an additional 20,614 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Immunovant in the 4th quarter valued at $268,000. Knights of Columbus Asset Advisors LLC acquired a new position in shares of Immunovant in the 4th quarter valued at $616,000. Finally, Sei Investments Co. lifted its holdings in shares of Immunovant by 4.0% during the 4th quarter. Sei Investments Co. now owns 40,456 shares of the company’s stock worth $1,002,000 after acquiring an additional 1,541 shares during the period. Institutional investors and hedge funds own 47.08% of the company’s stock.

Insiders Place Their Bets

In other Immunovant news, CEO Peter Salzmann sold 5,105 shares of the company’s stock in a transaction on Wednesday, January 8th. The shares were sold at an average price of $24.10, for a total transaction of $123,030.50. Following the completion of the sale, the chief executive officer now owns 972,992 shares in the company, valued at approximately $23,449,107.20. The trade was a 0.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Jay S. Stout sold 2,195 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total value of $51,780.05. Following the completion of the transaction, the chief technology officer now directly owns 139,991 shares in the company, valued at approximately $3,302,387.69. This trade represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 35,510 shares of company stock valued at $813,686. 5.90% of the stock is currently owned by insiders.

Immunovant Price Performance

Shares of Immunovant stock opened at $14.39 on Tuesday. The firm has a 50 day simple moving average of $19.44 and a 200 day simple moving average of $24.61. Immunovant, Inc. has a fifty-two week low of $13.59 and a fifty-two week high of $34.47. The firm has a market cap of $2.44 billion, a P/E ratio of -5.49 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing the consensus estimate of ($0.68) by ($0.08). On average, sell-side analysts expect that Immunovant, Inc. will post -2.69 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Wells Fargo & Company dropped their price target on shares of Immunovant from $47.00 to $45.00 and set an “overweight” rating for the company in a research report on Thursday, December 19th. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a research note on Thursday, March 20th. Bank of America dropped their price objective on Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Wolfe Research downgraded shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research note on Friday, January 3rd. Finally, Cantor Fitzgerald raised shares of Immunovant to a “strong-buy” rating in a report on Tuesday, March 4th. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $41.00.

Immunovant Profile

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.