ABC Arbitrage SA Takes Position in Immunovant, Inc. (NASDAQ:IMVT)

ABC Arbitrage SA acquired a new stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 29,639 shares of the company's stock, valued at approximately $734,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. KBC Group NV lifted its stake in Immunovant by 46.2% during the third quarter. KBC Group NV now owns 1,936 shares of the company's stock worth $55,000 after purchasing an additional 612 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Immunovant by 21.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,294 shares of the company's stock valued at $148,000 after acquiring an additional 934 shares in the last quarter. Assetmark Inc. raised its stake in shares of Immunovant by 73.8% in the 3rd quarter. Assetmark Inc. now owns 2,891 shares of the company's stock worth $82,000 after buying an additional 1,228 shares in the last quarter. Tyro Capital Management LLC lifted its holdings in Immunovant by 0.6% in the 3rd quarter. Tyro Capital Management LLC now owns 252,149 shares of the company's stock valued at $7,189,000 after acquiring an additional 1,529 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its holdings in Immunovant by 10.6% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 31,124 shares of the company's stock worth $771,000 after buying an additional 2,973 shares in the last quarter. Institutional investors and hedge funds own 47.08% of the company's stock.

Insider Activity

In other news, insider William L. Macias sold 2,383 shares of Immunovant stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $23.83, for a total transaction of $56,786.89. Following the sale, the insider now owns 359,408 shares of the company's stock, valued at approximately $8,564,692.64. The trade was a 0.66 % 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 2,657 shares of Immunovant stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $23.59, for a total transaction of $62,678.63. Following the transaction, the insider now owns 132,314 shares of the company's stock, valued at $3,121,287.26. The trade was a 1.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,510 shares of company stock worth $656,886. 5.90% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. HC Wainwright reiterated a "buy" rating and issued a $51.00 target price on shares of Immunovant in a research report on Friday, February 7th. Guggenheim decreased their price target on shares of Immunovant from $46.00 to $44.00 and set a "buy" rating for the company in a report on Monday, February 10th. Wells Fargo & Company dropped their target price on shares of Immunovant from $47.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, December 19th. Bank of America decreased their price objective on Immunovant from $48.00 to $45.00 and set a "buy" rating on the stock in a report on Wednesday, January 15th. Finally, Wolfe Research downgraded Immunovant from an "outperform" rating to a "peer perform" rating in a research report on Friday, January 3rd. One analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $45.90.

Immunovant Stock Performance

Shares of IMVT stock remained flat at $20.82 during mid-day trading on Wednesday. The stock had a trading volume of 908,670 shares, compared to its average volume of 1,317,390. Immunovant, Inc. has a 12-month low of $19.07 and a 12-month high of $39.55. The stock has a market capitalization of $3.54 billion, a P/E ratio of -7.95 and a beta of 0.65. The business has a fifty day moving average price of $23.54 and a two-hundred day moving average price of $27.36.

Immunovant (NASDAQ:IMVT - Get Free Report) last posted its quarterly earnings results on Monday, February 10th. The company reported ($0.76) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.68) by ($0.08). Equities research analysts expect that Immunovant, Inc. will post -2.69 EPS for the current fiscal year.

About Immunovant

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.