E Fund Management Co. Ltd. Reduces Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

E Fund Management Co. Ltd. reduced its holdings in Immunovant, Inc. (NASDAQ:IMVT) by 19.6% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 12,256 shares of the company’s stock after selling 2,989 shares during the period. E Fund Management Co. Ltd.’s holdings in Immunovant were worth $516,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the business. State Board of Administration of Florida Retirement System boosted its stake in shares of Immunovant by 3.0% during the 3rd quarter. State Board of Administration of Florida Retirement System now owns 15,774 shares of the company’s stock worth $606,000 after purchasing an additional 460 shares during the period. Alps Advisors Inc. boosted its stake in shares of Immunovant by 0.6% during the 3rd quarter. Alps Advisors Inc. now owns 96,434 shares of the company’s stock worth $3,702,000 after purchasing an additional 578 shares during the period. Headlands Technologies LLC purchased a new position in shares of Immunovant during the 4th quarter worth about $27,000. CoreCap Advisors LLC boosted its stake in shares of Immunovant by 11.2% during the 4th quarter. CoreCap Advisors LLC now owns 6,407 shares of the company’s stock worth $270,000 after purchasing an additional 647 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Immunovant by 10.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,370 shares of the company’s stock worth $437,000 after purchasing an additional 951 shares during the period. 47.08% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IMVT has been the subject of a number of research analyst reports. Wolfe Research initiated coverage on shares of Immunovant in a report on Thursday, February 15th. They set an “outperform” rating and a $55.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a report on Friday, January 12th. JPMorgan Chase & Co. initiated coverage on shares of Immunovant in a report on Tuesday, February 20th. They set an “overweight” rating and a $51.00 price objective for the company. Oppenheimer started coverage on shares of Immunovant in a report on Thursday, March 28th. They set an “outperform” rating and a $50.00 price objective for the company. Finally, Truist Financial restated a “buy” rating and issued a $48.00 price target on shares of Immunovant in a report on Monday, March 25th. Seventeen research analysts have rated the stock with a buy rating, According to MarketBeat.com, Immunovant presently has a consensus rating of “Buy” and a consensus target price of $48.00.

Insider Buying and Selling

In related news, CTO Jay S. Stout sold 7,239 shares of Immunovant stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total transaction of $209,207.10. Following the completion of the transaction, the chief technology officer now directly owns 147,739 shares in the company, valued at $4,269,657.10. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Michael Geffner sold 3,261 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The stock was sold at an average price of $28.90, for a total value of $94,242.90. Following the completion of the sale, the insider now directly owns 141,616 shares in the company, valued at $4,092,702.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Jay S. Stout sold 7,239 shares of the business’s stock in a transaction that occurred on Wednesday, April 24th. The shares were sold at an average price of $28.90, for a total value of $209,207.10. Following the completion of the sale, the chief technology officer now owns 147,739 shares of the company’s stock, valued at $4,269,657.10. The disclosure for this sale can be found here. Insiders sold 81,560 shares of company stock valued at $2,424,601 over the last quarter. 4.80% of the stock is currently owned by company insiders.

Immunovant Stock Performance

Shares of NASDAQ IMVT traded up $0.18 during mid-day trading on Wednesday, hitting $29.76. The stock had a trading volume of 804,546 shares, compared to its average volume of 1,200,295. The company has a 50 day moving average of $30.89 and a two-hundred day moving average of $35.39. Immunovant, Inc. has a twelve month low of $17.53 and a twelve month high of $45.58. The firm has a market cap of $4.32 billion, a PE ratio of -16.17 and a beta of 0.70.

Immunovant (NASDAQ:IMVT) last released its earnings results on Monday, February 12th. The company reported ($0.36) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.07. Equities research analysts predict that Immunovant, Inc. will post -1.7 EPS for the current fiscal year.

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.