Bank Pictet & Cie Europe AG Trims Stock Position in Immunovant, Inc. (NASDAQ:IMVT)

Bank Pictet & Cie Europe AG lessened its holdings in shares of Immunovant, Inc. (NASDAQ:IMVT) by 11.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,089 shares of the company’s stock after selling 1,079 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Immunovant were worth $200,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. abrdn plc increased its holdings in Immunovant by 11.1% in the fourth quarter. abrdn plc now owns 532,110 shares of the company’s stock valued at $13,180,000 after buying an additional 53,353 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Immunovant by 10.6% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,124 shares of the company’s stock valued at $771,000 after buying an additional 2,973 shares in the last quarter. KBC Group NV increased its holdings in Immunovant by 60.1% in the fourth quarter. KBC Group NV now owns 3,099 shares of the company’s stock valued at $77,000 after buying an additional 1,163 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company’s stock valued at $27,117,000 after buying an additional 391,436 shares in the last quarter. Finally, Tyro Capital Management LLC increased its holdings in Immunovant by 0.6% in the third quarter. Tyro Capital Management LLC now owns 252,149 shares of the company’s stock valued at $7,189,000 after buying an additional 1,529 shares in the last quarter. Hedge funds and other institutional investors own 47.08% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $51.00 price objective on shares of Immunovant in a report on Friday, February 7th. Cantor Fitzgerald upgraded shares of Immunovant to a “strong-buy” rating in a research report on Thursday, January 30th. Wolfe Research lowered shares of Immunovant from an “outperform” rating to a “peer perform” rating in a research report on Friday, January 3rd. Guggenheim dropped their target price on shares of Immunovant from $46.00 to $44.00 and set a “buy” rating on the stock in a research report on Monday, February 10th. Finally, Bank of America dropped their target price on shares of Immunovant from $48.00 to $45.00 and set a “buy” rating on the stock in a research report on Wednesday, January 15th. One equities research analyst has rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $45.90.

Insider Buying and Selling at Immunovant

In other Immunovant news, CEO Peter Salzmann sold 16,692 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total value of $424,811.40. Following the transaction, the chief executive officer now directly owns 978,097 shares in the company, valued at $24,892,568.65. The trade was a 1.68 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Eva Renee Barnett sold 4,174 shares of the business’s stock in a transaction dated Wednesday, November 20th. The shares were sold at an average price of $25.45, for a total transaction of $106,228.30. Following the completion of the transaction, the chief financial officer now owns 331,169 shares in the company, valued at $8,428,251.05. The trade was a 1.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 72,892 shares of company stock worth $1,811,857 in the last ninety days. 5.90% of the stock is owned by insiders.

Immunovant Trading Up 2.4 %

IMVT opened at $20.33 on Friday. The firm has a market capitalization of $3.45 billion, a PE ratio of -7.76 and a beta of 0.65. Immunovant, Inc. has a twelve month low of $19.07 and a twelve month high of $39.55. The firm’s 50-day moving average price is $23.87 and its 200 day moving average price is $27.48.

Immunovant (NASDAQ:IMVT) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.68) by ($0.08). As a group, analysts predict that Immunovant, Inc. will post -2.74 earnings per share 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.