Ameriprise Financial Inc. Makes New Investment in Immunovant, Inc. (NASDAQ:IMVT)

Ameriprise Financial Inc. purchased a new position in shares of Immunovant, Inc. (NASDAQ:IMVT) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 8,907 shares of the company’s stock, valued at approximately $221,000.

Other institutional investors also recently bought and sold shares of the company. ABC Arbitrage SA purchased a new position in Immunovant during the 4th quarter worth approximately $734,000. Vanguard Group Inc. increased its holdings in shares of Immunovant by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company’s stock valued at $165,449,000 after purchasing an additional 20,614 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Immunovant by 1.5% during the 4th quarter. Rhumbline Advisers now owns 80,932 shares of the company’s stock valued at $2,005,000 after purchasing an additional 1,188 shares in the last quarter. Sei Investments Co. increased 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 valued at $1,002,000 after purchasing an additional 1,541 shares in the last quarter. Finally, abrdn plc increased its holdings in shares of Immunovant by 11.1% during the 4th quarter. abrdn plc now owns 532,110 shares of the company’s stock valued at $13,180,000 after purchasing an additional 53,353 shares in the last quarter. 47.08% of the stock is owned by hedge funds and other institutional investors.

Immunovant Stock Up 4.7%

Shares of IMVT opened at $16.77 on Friday. Immunovant, Inc. has a 52-week low of $12.72 and a 52-week high of $34.47. The firm’s fifty day moving average is $14.83 and its two-hundred day moving average is $20.11. The stock has a market cap of $2.87 billion, a PE ratio of -6.40 and a beta of 0.61.

Immunovant (NASDAQ:IMVT) last announced its earnings results on Thursday, May 29th. The company reported ($0.64) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.72) by $0.08. The business had revenue of $0.16 million for the quarter. During the same quarter in the previous year, the business posted ($0.52) earnings per share. As a group, research analysts anticipate that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Analyst Ratings Changes

IMVT has been the subject of several recent research reports. Guggenheim reaffirmed a “buy” rating on shares of Immunovant in a report on Thursday, March 20th. Bank of America cut their target price on shares of Immunovant from $38.00 to $33.00 and set a “buy” rating for the company in a report on Thursday, March 20th. HC Wainwright reaffirmed a “buy” rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. UBS Group reaffirmed a “neutral” rating and set a $17.00 target price (down from $38.00) on shares of Immunovant in a report on Tuesday, April 22nd. Finally, Jefferies Financial Group began coverage on shares of Immunovant in a report on Monday, March 3rd. They issued a “hold” rating and a $20.00 price target for the company. Two research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $38.33.

Insiders Place Their Bets

In other news, CFO Eva Renee Barnett sold 2,993 shares of the business’s stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $14.89, for a total transaction of $44,565.77. Following the transaction, the chief financial officer now owns 396,774 shares of the company’s stock, valued at approximately $5,907,964.86. The trade was a 0.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Peter Salzmann sold 28,094 shares of the business’s stock in a transaction dated Wednesday, April 9th. The shares were sold at an average price of $12.99, for a total transaction of $364,941.06. Following the transaction, the chief executive officer now directly owns 1,186,512 shares in the company, valued at approximately $15,412,790.88. The trade was a 2.31% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,682 shares of company stock valued at $596,619 in the last 90 days. 5.90% of the stock is owned by insiders.

Immunovant Company 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.