Wellington Management Group LLP Sells 1,239 Shares of Immunovant, Inc. $IMVT

Wellington Management Group LLP lowered its stake in Immunovant, Inc. (NASDAQ:IMVT) by 4.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,030 shares of the company’s stock after selling 1,239 shares during the quarter. Wellington Management Group LLP’s holdings in Immunovant were worth $428,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of IMVT. FNY Investment Advisers LLC purchased a new stake in Immunovant in the 1st quarter worth $34,000. Headlands Technologies LLC purchased a new stake in Immunovant in the 1st quarter worth $51,000. Covestor Ltd lifted its stake in Immunovant by 187.5% in the 1st quarter. Covestor Ltd now owns 3,764 shares of the company’s stock worth $64,000 after purchasing an additional 2,455 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Immunovant by 256.5% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 3,979 shares of the company’s stock worth $68,000 after purchasing an additional 2,863 shares in the last quarter. Finally, GF Fund Management CO. LTD. purchased a new stake in Immunovant in the 4th quarter worth $76,000. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

IMVT has been the topic of several research analyst reports. The Goldman Sachs Group upgraded shares of Immunovant to a “hold” rating and set a $18.00 price target on the stock in a research note on Thursday, July 10th. Citigroup restated a “buy” rating on shares of Immunovant in a research report on Monday, August 11th. UBS Group upped their target price on shares of Immunovant from $17.00 to $18.00 and gave the company a “neutral” rating in a research report on Monday, July 28th. Bank of America decreased their target price on shares of Immunovant from $33.00 to $30.00 and set a “buy” rating on the stock in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Immunovant from $40.00 to $37.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $35.20.

Insider Activity

In related news, CTO Jay S. Stout sold 2,805 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $50,910.75. Following the transaction, the chief technology officer directly owned 204,919 shares in the company, valued at approximately $3,719,279.85. This represents a 1.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Michael Geffner sold 2,385 shares of the company’s stock in a transaction dated Wednesday, July 23rd. The shares were sold at an average price of $18.15, for a total transaction of $43,287.75. Following the transaction, the insider owned 221,825 shares in the company, valued at $4,026,123.75. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,869 shares of company stock worth $140,384 over the last quarter. 1.80% of the stock is currently owned by insiders.

Immunovant Trading Down 0.9%

Shares of NASDAQ:IMVT opened at $14.69 on Tuesday. The company has a market capitalization of $2.56 billion, a price-to-earnings ratio of -5.15 and a beta of 0.45. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The firm’s 50-day moving average is $16.29 and its 200 day moving average is $16.44.

Immunovant (NASDAQ:IMVT) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.60) EPS for the quarter, beating the consensus estimate of ($0.69) by $0.09. During the same quarter in the prior year, the company earned ($0.60) EPS. As a group, equities analysts forecast that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

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.