Legal & General Group Plc Makes New Investment in Immunovant, Inc. $IMVT

Legal & General Group Plc acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT) in the second quarter, Holdings Channel reports. The institutional investor acquired 67,717 shares of the company’s stock, valued at approximately $2,609,000.

Other large investors have also modified their holdings of the company. Empowered Funds LLC grew its position in shares of Immunovant by 2.7% during the 1st quarter. Empowered Funds LLC now owns 14,556 shares of the company’s stock valued at $362,000 after acquiring an additional 381 shares during the period. Wellington Management Group LLP raised its holdings in Immunovant by 2.7% in the 4th quarter. Wellington Management Group LLP now owns 28,847 shares of the company’s stock worth $733,000 after purchasing an additional 755 shares during the period. Royal Bank of Canada raised its holdings in Immunovant by 20.7% in the 4th quarter. Royal Bank of Canada now owns 4,549 shares of the company’s stock worth $116,000 after purchasing an additional 780 shares during the period. The Manufacturers Life Insurance Company boosted its position in Immunovant by 2.6% during the second quarter. The Manufacturers Life Insurance Company now owns 36,124 shares of the company’s stock worth $578,000 after purchasing an additional 900 shares in the last quarter. Finally, Swiss National Bank boosted its position in Immunovant by 0.7% during the first quarter. Swiss National Bank now owns 159,400 shares of the company’s stock worth $3,959,000 after purchasing an additional 1,100 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company’s stock.

Analysts Set New Price Targets

IMVT has been the subject of a number of recent analyst reports. Bank of America boosted their price objective on Immunovant from $32.00 to $43.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Citigroup upped their price objective on shares of Immunovant from $57.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, June 30th. Sanford C. Bernstein upgraded shares of Immunovant to a “hold” rating in a research report on Wednesday, July 29th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Immunovant in a research note on Tuesday, August 25th. Finally, Truist Financial boosted their price target on Immunovant from $23.00 to $30.00 and gave the stock a “hold” rating in a research report on Friday, May 22nd. Seven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $44.00.

Immunovant Trading Up 0.3%

Shares of IMVT stock opened at $39.25 on Friday. Immunovant, Inc. has a twelve month low of $14.58 and a twelve month high of $45.42. The company’s 50-day moving average price is $40.44 and its 200-day moving average price is $32.83. The stock has a market cap of $8.11 billion, a price-to-earnings ratio of -13.92 and a beta of 0.81.

Immunovant (NASDAQ:IMVT) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.75) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.63) by ($0.12). The company had revenue of $7.09 million for the quarter, compared to analysts’ expectations of $7.09 million. During the same period in the prior year, the firm posted ($0.71) EPS. As a group, equities research analysts predict that Immunovant, Inc. will post -2.96 EPS for the current year.

Insider Buying and Selling at Immunovant

In related news, insider Christopher Van Tuyl sold 1,206 shares of the company’s stock in a transaction that occurred on Wednesday, July 8th. The stock was sold at an average price of $39.55, for a total value of $47,697.30. Following the transaction, the insider directly owned 179,391 shares in the company, valued at approximately $7,094,914.05. This represents a 0.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Eric Venker sold 3,092 shares of the stock in a transaction that occurred on Thursday, July 2nd. The stock was sold at an average price of $38.48, for a total value of $118,980.16. Following the completion of the transaction, the chief executive officer owned 254,280 shares of the company’s stock, valued at $9,784,694.40. The trade was a 1.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 98,359 shares of company stock worth $3,785,493. Insiders own 1.90% of the company’s stock.

About Immunovant

Immunovant Inc is a clinical-stage biopharmaceutical company focused on the development of novel monoclonal antibody therapies that target the neonatal Fc receptor (FcRn) to treat severe autoimmune diseases. By inhibiting FcRn, Immunovant’s approach is designed to reduce levels of pathogenic immunoglobulin G (IgG) antibodies, which play a central role in the pathology of disorders such as myasthenia gravis and immune thrombocytopenia.

The company’s lead asset, efgartigimod, is an engineered Fc fragment that selectively binds to FcRn, accelerating the degradation of circulating IgG.