Canada Pension Plan Investment Board Increases Position in Immunovant, Inc. (NASDAQ:IMVT)

Canada Pension Plan Investment Board increased its stake in Immunovant, Inc. (NASDAQ:IMVT - Free Report) by 7,833.3% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 95,200 shares of the company's stock after buying an additional 94,000 shares during the quarter. Canada Pension Plan Investment Board owned 0.06% of Immunovant worth $2,358,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Immunovant by 4.5% during the 4th quarter. FMR LLC now owns 13,097,915 shares of the company's stock worth $324,435,000 after acquiring an additional 560,344 shares during the period. Vanguard Group Inc. grew its stake in Immunovant by 0.3% during the fourth quarter. Vanguard Group Inc. now owns 6,679,414 shares of the company's stock valued at $165,449,000 after acquiring an additional 20,614 shares in the last quarter. Geode Capital Management LLC grew its stake in Immunovant by 0.3% during the fourth quarter. Geode Capital Management LLC now owns 1,515,020 shares of the company's stock valued at $37,536,000 after acquiring an additional 4,094 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Immunovant by 405.3% during the 4th quarter. JPMorgan Chase & Co. now owns 1,153,338 shares of the company's stock worth $28,568,000 after acquiring an additional 925,081 shares during the period. Finally, Principal Financial Group Inc. raised its position in shares of Immunovant by 69.9% in the third quarter. Principal Financial Group Inc. now owns 951,124 shares of the company's stock worth $27,117,000 after buying an additional 391,436 shares in the last quarter. Institutional investors own 47.08% of the company's stock.

Insider Activity at Immunovant

In related news, CFO Eva Renee Barnett sold 2,993 shares of Immunovant stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $14.89, for a total value of $44,565.77. Following the completion of the sale, the chief financial officer now owns 396,774 shares of the company's stock, valued at $5,907,964.86. The trade was a 0.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Andrew J. Fromkin sold 8,000 shares of the company's stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $19.60, for a total transaction of $156,800.00. Following the sale, the director now directly owns 91,913 shares of the company's stock, valued at $1,801,494.80. The trade was a 8.01 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 47,408 shares of company stock valued at $690,207 over the last 90 days. Corporate insiders own 5.90% of the company's stock.

Immunovant Trading Up 1.4 %

Shares of Immunovant stock opened at $14.45 on Thursday. Immunovant, Inc. has a 12 month low of $12.72 and a 12 month high of $34.47. The business has a fifty day simple moving average of $17.73 and a two-hundred day simple moving average of $23.32. The firm has a market capitalization of $2.45 billion, a P/E ratio of -5.52 and a beta of 0.81.

Immunovant (NASDAQ:IMVT - Get Free Report) last released its earnings results on Monday, February 10th. The company reported ($0.76) EPS for the quarter, missing analysts' consensus estimates of ($0.68) by ($0.08). Analysts predict that Immunovant, Inc. will post -2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

IMVT has been the topic of a number of recent analyst reports. Bank of America lowered their target price on shares of Immunovant from $38.00 to $33.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Guggenheim restated a "buy" rating on shares of Immunovant in a report on Thursday, March 20th. Wolfe Research downgraded Immunovant from an "outperform" rating to a "peer perform" rating in a report on Friday, January 3rd. HC Wainwright restated a "buy" rating and set a $51.00 target price on shares of Immunovant in a report on Wednesday, March 19th. Finally, Cantor Fitzgerald raised shares of Immunovant to a "strong-buy" rating in a report on Tuesday, March 4th. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $38.33.

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.

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